Brian Cowen (Laois-Offaly, Fianna Fail)

We have already discussed section 9 and I have explained the background to all of this. These are technical areas and from time to time we can all be at a disadvantage in some respects as regards these matters. I take the Deputy's point. The ambit and scope of this section indicates that this is the way to deal with these particular areas, as the Financial Regulator has suggested. We are prepared to follow the Financial Regulator's advice on this matter. I am not vesting in this Bill a range of issues concerning the reinsurance industry generally. This relates to convictions and how we proceed with seeking a conviction in respect of a range of non-compliance items raised by this directive, which is detailed and technical. I am taking on board this recommendation by the Financial Regulator in respect of how one can proceed with this case.

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