Bertie Ahern (Dublin Central, Fianna Fail)

We have a large number of regulators, as the Deputy implied, and the review is designed to ensure the existing regulatory regime operates efficiently, balances the needs of users with the requirements of producers and does not impose excessive costs on the economy. That is exactly what I want to see done.

The regulatory system we have built has reflected international practice for the past 15 years or so. There are regulators for different areas, including the Commission for Communications Regulation, the Commission for Energy Regulation, the Commission for Taxi Regulation and the Financial Regulator. The interdepartmental group which includes my Department is working in this area. It has been very active in recent years and has done a lot of good work, as has been recognised by both unions and employers. Arising from its recommendations, we have agreed to establish an Oireachtas committee on regulation that will give Members a chance to scrutinise the efficiency of regulators in all key economic areas, including energy, communications, transport, health and safety, and financial services.

I agree with the Deputy's point on unregulated special investment vehicles. When dealing with changes affecting the credit unions, for example, with which changes I have been dealing for the past few years, one can get nothing passed if it is not sanctioned by the Financial Regulator. I have no problem with this because there is always a likelihood that someone will hit the dust, thereby causing a big problem. A special investment vehicle allowance which can amount to tens of millions of euro can operate outside the remit of the Financial Regulator. I have said outside the House and reiterate within it that the issue in question was broadly spread. That was my understanding of it and I spoke about it when it arose.

During the term of the last Dáil I answered questions endlessly on how the regulators per se worked. I stated we would review them and included a proposal to this effect in the programme for Government. We also decided to establish an Oireachtas committee to scrutinise them. Needless to say, the regulators work hard to the best of their ability and do their jobs, yet a device is needed, whereby the Oireachtas can question their work. This will be achieved by the interdepartmental group and the Oireachtas committee. For the existing and new regulators, this will allow for far better functioning of the House.

See this speech in context