Wednesday, 1 October 2008
Credit Institutions (Financial Support) Bill 2008: Committee Stage.
Richard Bruton (Dublin North Central, Fine Gael)
I will be as brief as I can. The whole rules of the game for banking have changed. Any money the banks raise has a guarantee from the taxpayer, which radically changes the way we view banking. It is essential that a regulatory regime is in place in which the House can have confidence. The Minister for Finance is taking sizable powers and there is no doubt that, under the legislation, he will have powers to provide a regulatory regime that is exhaustive and thorough. However, the problem is that the Houses has not seen what that regime involves.