Paul Daly (Fianna Fail)
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Perception is dangerous but because of the VCI's code of professional practice it was perceived that it was the regulator of ownership. Does Ms Muldoon see where I am coming from when I say that the VCI deregulated ownership by changing its code of professional practice? There is nobody there to regulate it now and the VCI previously had it in its code of practice. Rightly or wrongly it was perceived that anyone who would go to find out who regulates ownership would reach the VCI's code of professional practice and conclude that it was the regulator. People would assume that the VCI's code of practice was so definitive on ownership that it must be the regulator. Ms Muldoon is saying that while that was in the VCI's code of practice it had no interest in ownership and it was not regulating it. At least the VCI was saving the industry from corporates because people would see that and assume the VCI was the regulator. Therefore the VCI deregulated ownership.