Kieran O'Donnell (Limerick East, Fine Gael)

I take on board what the Minister has said but does it not point to a weakness in the regulatory environment across Europe that there was a case such as the Ormond Quay case? Everyone wants a system in which we can be confident but we must also take account of situations that arise. Clearly, in this case there was a lack of regulation, be it in Germany or elsewhere, but we must take it on board. We are moving into a Europe-wide regulatory environment under MiFID. We should take cognisance of this and be absolutely certain that the regulatory environments in other EU states are as good as our own. We must prize the regulatory environment we have built over many years.

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