Brian Cowen (Laois-Offaly, Fianna Fail)

I will mention the Deputy's suggestion on the first matter to the Ministers for Finance and Enterprise, Trade and Employment. The report issued by Grant Thornton earlier indicates some companies are not complying with the code and this will be carefully examined to see what policy response is needed to help bolster business and public confidence, which is an important consideration at this time. We will have to examine carefully the practicality of moving from a voluntary code to a statutory basis in the interest of business efficacy and, as the Deputy said, of upholding corporate governance principles, which are important.

With regard to regulatory reform, the Minister for Finance will come to Government in due course with proposals for consideration about changing the regulatory arrangements we have in this country. There is no question lessons must be learned. We also have to see both domestically and internationally a response to the present financial crisis that will result in a different type of regulation, not only in regard to structures but also in regard to interaction between regulatory authorities and financial institutions to bolster public confidence and to confirm there is a response commensurate to the challenge we face.

Regarding the question of the regulator conducting the investigation, it is important that the regulatory authority is the independent body to investigate. In respect of any case where an authority is regarded as inadequate or insufficiently speedy, the issues are normally resolved by active boards, which are in a position to ensure the executive of such authorities carry out their missions and work in the way expected by the public whom they serve. The issue is examining the structures, which has been a matter of debate in recent times. We have a relatively modern legislative framework but the nature of regulation will change internationally and domestically and we need structures in place, which will satisfy people that we are responding in a commensurate way to the need for oversight and real time knowledge of what is happening.

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