Brian Cowen (Laois-Offaly, Fianna Fail)

Special investment vehicles are not regulated anywhere. Ireland has a good reputation for its financial services sector. The Deputy mentioned the importance of providing long-term employment in top quality jobs and I am glad to say that as a result of creating the financial services centre, an innovation this party was maligned for at the time, there are more than 25,000 well-paid jobs in the area and Ireland has become a centre of international financial services of high reputation as a result. Moreover, Ireland is a centre of financial services that meets all of its international obligations and requirements.

The issue mentioned by the Deputy that arose around a subsidiary of a German bank that was dealt with by the parent bank is a matter for the German regulator. This is the law and I do not feel that people should infer from this that we were somehow remiss. It has never been suggested by anyone that we were remiss and it is important that it not be suggested in this House.

These are the basic points I seek to make in response to the Deputy's contribution.

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