Cyprian Brady (Dublin Central, Fianna Fail)

I wish to register my support for the Bill. At a time when public confidence in various different arms of the State and particularly in regulatory authorities is at an all-time low, it is imperative to take strong action to try to restore that confidence and restore people's faith in the bodies that, in effect, mind their money. They need to be sure that if for any reason an individual or group with responsibility for administering funds on behalf of people does not fulfil that responsibility or jeopardises the trust and faith people put in it, there are strong enforceable deterrents and penalties. This Bill arises from the context in which the country finds itself at present.

In recent years all banks have changed the way in which they do their business. Through the use of Internet and telephone banking, banks have endeavoured to remove the customer from face-to-face contact with people working in the branches. They have made it harder for people to do their business on a face-to-face basis. The way some banks have done their business is open to abuse despite several years of strengthening and modernising the regulatory framework here. I welcome that this Bill goes a long way towards dealing with some of the issues in our system.

In my experience in this House, we have always endeavoured to keep pace particularly with the requirements arising from EU directives. We have always adhered to and used best international practice. We have also tried to deal with the ever-changing and fast-changing technology in the financial area. It has been obvious to many people that the frameworks that have been put in place over time have become more complicated and stronger. In some way what has happened internationally and domestically in the past eight to 12 months is unprecedented. We now find ourselves in a position where we need to adjust our regulatory framework and laws to take account of what has happened and this legislation is a good example in that regard.

As my learned friend, the previous speaker, a practitioner in the area of law, will be aware, company and corporate law is a very technical complicated and intricate branch of our legal system. As he also mentioned, it is greatly open to interpretation. This legislation is an example of putting down a clear concise line, which is not subject to any great interpretation, but will ensure that it is fit for purpose and does what it is supposed to do. Laws exist primarily to protect citizens. Company and corporate laws exist to protect citizens doing business here. They exist to remove the risk of falling foul of unscrupulous traders who trade outside the law. They exist to protect those people who want to stay within the law and just want to get on with their business.

The Bill goes a long way towards closing some of the loopholes which have obviously developed over time, particularly in corporate law. It empowers the Director of Corporate Enforcement to take the appropriate actions to prevent such abuses of the law. The fact that it is being introduced with agreement from all sides of the House is a clear indication that it is needed, welcomed and will work into the future. As I said at the outset, at a time when the public confidence in how we do our business and protect people doing business as well as ordinary savers mortgage holders is at an all-time low, it is imperative that the Government and the House ensure that we do everything possible to restore confidence in the system we have.

I was very interested to hear the former Prime Minister of Iceland speaking on the radio this morning. He said that his country had attempted to keep up with changes in international law, corporate law and regulatory law. Ireland is an example of a small peripheral country on the edge of Europe but none the less playing a major part in Europe. We have that added protection here. We have always complied with our requirements under EU legislation and will continue to do so. In this area of the law, it is imperative that we take firm concise clear action. When we come across a problem, the laws need to make it clear to everybody what will happen. It is a point Deputy Penrose, who is Chairman of the Oireachtas Joint Committee on Enterprise, Trade and Employment, made previously. We need to ensure that the thrust of the legislation is to protect those who are most vulnerable and not senior management or the guys at the top. We need to protect the people who are entrusting their money, whether that be their life savings, deposits or mortgages, to others to administer on their behalf. I very much welcome the legislation and wish it a speedy passage through the House.

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