Brian Cowen (Laois-Offaly, Fianna Fail)

The question arising is about financial regulation, the role of the Central Bank and the establishment of the new central banking commission. A serious change must take place. There is no question but lessons must be learnt. The Financial Services Ombudsman has also been an effective advocate for consumer rights in this area. He has had sufficient statutory powers not only to make a recommendation but to obtain settlements in favour of those who were wrongly treated by financial institutions. He has been successful in that effort.

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