Richard Bruton (Dublin North Central, Fine Gael)

The Minister is not answering my question. What restrictions or regulations would apply to a deposit taking institution which are not being applied here? I am thinking, for example, of liquidity ratios, the type of financial instruments they buy and process and the prudential requirements of these institutions. The recent crisis was precipitated by the fact that many unregulated bodies, some of which this Bill proposes to regulate, have been engaged in practices which have generated contagion throughout the financial system. It is important that the House knows what restrictions could be applied which we have decided not to apply. What regulations which would apply to a bank are not being applied in the Bill and why is it limited to the areas cited by the Minister, that is, criteria for authorisation, conditions on the authorisation and some requirements relating to consumer protection? The Bill applies a limited form of supervision. Why has the Minister chosen a particular point on the spectrum of supervision and what is being left out? We should at least consider the possibility of prudential regulation being part of the Bill.

See this speech in context