Joan Burton (Dublin West, Labour)

I remind the Minister of State that we are facilitating him. We got notice of this Bill late last week and, as he has said many times in the course of his presentation, it is very technical. We have not received much explanation of the Bill so I am asking the Minister of State to outline in detail the role of the Financial Regulator as it is supposed to be part of all of this.

The Irish Financial Services Centre suffered a significant amount of derogatory international comment, particularly in The Wall Street Journal, over reinsurance issues that arose. We are legitimately concerned that such issues have been addressed regarding this Bill.

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