Joan Burton (Dublin West, Labour)

What does that mean? Did the Financial Regulator help to draft the Bill or what was its role? One of the biggest difficulties in the financial services sector in recent years arose in the area of reinsurance. The securitisation of mortgages is a parallel activity and many references are made to bonds in the Bill and in some jurisdictions the words bonds and junk are often not far removed. As Deputy Boyle pointed out, hedge funds and derivatives are a sophisticated form of gambling on the financial securities market. We have not had the benefit of a detailed briefing from the Department so I feel our questions are legitimate.

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