Dick Roche (Wicklow, Fianna Fail)

I would like to deal with a number of the points raised by Deputy Creighton, all of which are germane.

Our position on justice and home affairs measures was not discussed during the course of the European Council and is not covered in the conclusions. I should make the point that we had a lively debate on that particular issue last year, and there is a three year review built into it.

I will link that to a number of the other points made. Deputy Creighton and other Deputies asked about a number of specific issues. Deputy Creighton touched on the issue of the need for better regulation and how Europe could lead in that. There was a lengthy discussion on the issue. There are two important documents before us at the moment. One of them is the Solvency II arrangements, which are very important in dealing with the insurance industry. The elements within that are of vital importance. I firmly believe that better regulation in that industry is critical. If we consider that the meltdown commenced from the moving of toxic assets in the United States, which affected the whole of the financial services industry, it is clear that something is being done in that regard.

I understood Deputy Creighton to make the point, and I fully agree with her, that this illustrates how critically important it is for Ireland to be at the heart of the European Union and to be part of the eurozone because the decisions that must be made under the Solvency II arrangements, for example, which will take up to 2012 to come into operation, can only be made by 27 sovereign states sitting around the table and working them out. Contrary to the contribution from Sinn Féin, which is, to use the expression, "from the teeth out" in its support for the European Union, this is one of those practical examples of why the lives and livelihood of every citizen, small, medium and large businesses, our banking systems and the entire financial system, is very much determined by how we play a part in Europe.

Deputies Costello and Timmins mentioned the de Larosière report. The report argues a prudent move to back to better regulation in banking. As Deputy Timmins said, and I believe Deputy Costello made the point also, there are 31 key rules in this. I would agree with Sinn Féin on this point, and I am surprised its Members have not been jumping up and down supporting this, because the report suggests a move back to more prudential banking controls. We are a small, open economy. That will not occur through Ireland taking decisions in isolation but only if Europe as a whole moves in that direction.

Justice and home affairs did not form part of this discussion, it was a domestic discussion where we made our own decisions subject to review in three years.

See this speech in context