Eamon Ryan (Dublin South, Green Party)

It was important and appropriate for us on an ongoing basis to take into account the evolving corporate governance issues in this institution, Anglo Irish Bank, the evolving market assessment and the advice of the National Treasury Management Agency and other regulatory bodies in taking the nationalisation step.

We need, more than anything else, to bring confidence to our banking system. To do that, we will need not just this legislation but additional legislation from the Minister for Enterprise, Trade and Employment to strengthen corporate governance rules that our regulators can apply. That failure cannot be allowed to continue. We need hard-nosed regulation for Anglo Irish Bank and any other bank where there has been improper corporate governance. This will require strengthened legislation which will accompany this Bill.

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