Terence Flanagan (Dublin North East, Fine Gael)

No. 58 on the legislative programme, reform of financial regulatory structures Bill, will deal with replacing the existing structures of the Central Bank and the Financial Services Authority of Ireland with a new Central Bank commission. It is stated on the Order Paper that it is not possible to indicate a date for this. I would have thought this was urgent legislation that should be prioritised and introduced immediately. It was because we had light touch regulation and the Financial Regulator was asleep that our banks are almost bankrupt and the country is in such a bad state. I hope the Tánaiste can provide a date for the introduction of this critical legislation.

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