Brian Lenihan Jnr (Dublin West, Fianna Fail)

Deputy O'Donnell raised the question of the machinery for approval of the regulations. There is provision in this section that every regulation made under subsection (2) shall be laid before each House of the Oireachtas as soon as may be after it is made. There is the option before the House to annul the regulations. That is a power given to the Oireachtas and therefore it is not correct to say there is no parliamentary oversight or scrutiny. I do not believe the matter is so exceptionable as to require prior approval by the Houses. I believe everybody would agree with the intent of what is proposed here. If there is a technical defect in what is done it can be dealt with by way of a motion to annul the regulation.

Concerning Deputy Rabbitte's question about the tax treatment of contracts for difference, the then Minister for Finance, Deputy Cowen, received very strong advice from a number of interested parties that this would be undesirable and would have less than beneficial economic results for the country, had he provided for their taxation. That has all been in the public domain already.

See this speech in context