Brian Lenihan Jnr (Dublin West, Fianna Fail)

I move amendment No. 1:

That the Bill be recommitted in respect of amendments Nos. 125 to 128, inclusive, and amendment No. 134.

The onus is on the Opposition to establish why we should recommit the Bill. We had a lengthy and detailed Committee Stage debate for two days. I accept that the Minister has tabled further amendments. That said, they are clearly and self-evidently required. There was a great deal of consultation, negotiation and drafting during preparation of this Bill. This complex legislation required a very considerable effort to balance the needs of consumers, good regulation principles and the particular perspectives of a wide range of industrial and consumer groups. Also, constitutional and complex legal issues arose at various stages in the development of the Bill with regard to the penalties and disqualification procedures. All of this takes time and effort but the Bill is a much better product as a result.

A substantial number of actions have been taken or are under way on the part of the authority. The Government's actions will continue to speak for themselves. Last year was the time for a radical overhaul of the institutional structures for financial services regulation. This year, we are in action again with the Bill before us. It complements the legislation enacted last year. The Minister is anxious to make a change to the Consumer Credit Act to rectify a deficiency highlighted by recent events in the banking sector, of which Deputies are fully aware. However, he is anxious to proceed with the legislation in general and consequently he opposes the motion.

Reference was made to statements made earlier today by the Governor of the Central Bank. He has indicated the importance he attaches to this Bill as part of the comprehensive regulation legislation he considers necessary in this sector.

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