Enda Kenny (Mayo, Fine Gael)

The Taoiseach rightly speaks of the 25,000 employed there, the resilience of the sector and the difficulties in the financial services area. When the Taoiseach was Minister for Finance he oversaw the light touch regulation structure which applies in this country. Last year we had some difficulties with the United States in so far as the categorisation of Ireland was concerned. Some people considered the terms laid out for Ireland's being a centre for international financial services meant that in the eyes of certain people it was deemed to be a tax haven. The Government rightly did some work to get the matter cleared up and to establish that this country was never deemed to be a tax haven. However, it was and is a country where light regulation applied - until now.

In that regard, given what is now unfolding, does the Taoiseach consider that the pay-off of close to €1 million to the former regulator, Mr. Patrick Neary, was justified?

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