Richard Bruton (Dublin North Central, Fine Gael)

I wish to return to this issue. There is no one looking at the way in which the regulator performed its duties. The Minister is talking about new reform and new institutions being put in place. The only one looking at how the regulator conducted its duties is itself and this is not acceptable. There has been too much gross failure. The public are appalled at the golden handshake for the former regulator and the regulatory system cannot be left to itself.

Is there not a question about the role played by the regulator when the Quinn shareholding was unwound? It would appear the regulator accepted legal advice without probing it. Is there not a question about the role of the regulator with regard to Irish Life & Permanent when it was in possession of that information and according to the Minister, it was allowing him to proceed to put money into Irish Life & Permanent without alerting him to the seriousness of the situation? The Minister decided on nationalisation later, but in December the regulator had been in possession of this information for months and nothing was done.

The only time we saw swift and effective action was when the Irish Life & Permanent issue came into the public domain and immediately, three executives were gone in one institution. is that not the kind of activity in which the regulator should be involved? It should not be left to the force of public opinion to effect change.

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