Dan Boyle (Cork South Central, Green Party)

I support Deputy Burton's motion to recommit the Bill. Events since our last discussion make it imperative that we give every consideration to it. I have several questions which I believe would best be answered on Committee Stage.

The substantive ministerial amendment, as referred to by Deputy Bruton, is 11.5 pages long, longer than much of the legislation which comes before this House. It was introduced on Report Stage and the manner of discussion and debate was as described by Deputy Bruton. It is unacceptable for any legislator to stand over such a process. I would like to think the Minister of State also believes it is unacceptable. On those grounds alone, serious consideration should be given to recommit the Bill.

However, that issue is outside what we have learned since our last discussions on this Bill. There are serious issues, despite Opposition arguments, in terms of the need to provide IFSRA with true independence and powers to implement badly needed provisions in the financial services sector. We are rushing through legislation which includes amendments that weaken IFSRA's ability to put those powers into action. What has happened in the time since we last discussed Committee and Report Stages to influence the Minister to draft such amendments? Has the Minister and Department received correspondence on the matter from the Central Bank? Have they received correspondence or representations from the Irish Bankers' Federation or from the large financial institutions? If so, what was the nature and effect of the representations? The Minister is, at the last minute, introducing a substantial amendment which not only alters much of the nature of the Bill but renders null many of the amendments which Members of the Opposition tabled to it on the last occasion we discussed Report Stage.

The Minister for Finance has not allowed a fair assessment in terms of the passage of this legislation. No legislature in the world would be governed by the principles we have been following on this legislation which is badly needed if we are to have an effective regulatory authority for our financial services sector.

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