Joan Burton (Dublin West, Labour)

Does this include, for instance, financial derivative products such as contracts for difference as well as hedge funds? The Minister said that from 1 November some regulation will come in for contracts for difference. These contracts constituted more than 50% of the business on the Stock Exchange here until it crashed. Is it intended to extend the remit of the Act in respect of that type of financial product?

We are all at a disadvantage because financial products are developing at such an extraordinary pace that it is difficult for most Deputies, particularly those on the Opposition benches, to follow the development of the markets. It would be helpful to get a brief on the position here in respect of these products. The International Financial Services Centre is attractive and we welcome the jobs it provides but we need ways and means for ordinary Deputies, not to mention ordinary Ministers, to keep abreast of what is happening.

The flow of information to us is limited. Neither the Central Bank nor the Financial Regulator provides an information service, apart from generalised consumer advice or tables about insurance costs and so on. Maybe we all need information on these products. Does the Act include contracts for difference and similar products?

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