Brian Lenihan Jnr (Dublin West, Fianna Fail)

I am sorry. That is an official summarisation. I apologise; I was unable to be in the House for the Deputy's contribution.

Deputy Burton also touched on what was, in her view, the failure of the Central Bank and the regulatory authorities to anticipate the crisis which has engulfed us. There are two distinct issues in the reform of the Central Bank and the financial regulatory system. One concerns the personnel who staff the system, while the other concerns the legal framework. The far more important issue is that of the personnel who staff the entities because it is decidedly a question of men and women, rather than measures. We must ensure that whoever takes over the position of regulator is a person who can ensure the regulatory system will be robust and can command confidence in the future.

The legal changes which will be necessary are to make the system more streamlined, transparent and efficient. The Government has been considering these changes for some time. The Taoiseach made an announcement about them earlier this year and I will be making a further announcement later this week about what is envisaged. However, the crucial point is that while the position of regulator must be independent, it must be accountable to a commission which can hold it to account. In addition, any Central Bank commission which will be presided over by a governor, as is the practice in every country in Europe, will have to hold to account an independent regulator and a director of central banking functions. It is my view also that we must examine how the Oireachtas can hold such a commission to account in the performance of its duties. We must also examine what is evolving in Europe in terms of European supervision of our regulatory system. Whether additional national supervision is required is a question that will have to be examined by the Oireachtas in any amending legislation. There are grave questions that have to be analysed here; it comes back to the old maxim, "Who guards the guardians?" These are issues we will have to address in considering any such legislation.

Deputy Bruton asked about the percentage of depositors fully covered by the new limit. It is expected that the vast majority of private depositors will be fully covered. It is difficult to be more specific, given the lack of data on the amounts held by individuals in banks.

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