Brian Cowen (Laois-Offaly, Fianna Fail)

If there has been an example of the successful modernisation of the country it has been in the financial services sector. This party is very proud to have been the author and implementer of that policy which has resulted in the creation of tens of thousands of well paid jobs in this country and enhanced our reputation internationally as a place in which to do business.

The financial services legislation referred to by Deputy Burton is about a full modernisation and consolidation of legislation introduced over many years. Having completed the preparations during the course of next year, I hope to bring it to the House for enactment. In the meantime, I have set up a working group which will liaise with the industry and wider interests to ensure this exercise will improve the business climate for the further progression and expansion of financial services.

The regulatory regime in place, which was introduced by my predecessor, is a model of how to modernise regulatory arrangements in Ireland and is seen to apply best practice. There are many considerations which must be very carefully managed and handled. This Parliament's record of enacting modern legislation is second to none.

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