Brian Cowen (Laois-Offaly, Fianna Fail)

My understanding is that where the regulator is satisfied that there is no consumer issue involved, he or she could use the new section to exempt such businesses from authorisation in respect of the types of transactions I have outlined in the interests of the business being conducted without a time lag or the problems that would arise were the need for authorisation a general part of the Bill.

Exemption must be applied for or it will be open to the Financial Regulator to grant the exemption to classes of lenders. He or she will be prepared to give an exemption to certain people whereas others must apply. It will depend on the circumstances.

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