Dáil debates

Tuesday, 20 April 2010

5:00 pm

Photo of Caoimhghín Ó CaoláinCaoimhghín Ó Caoláin (Cavan-Monaghan, Sinn Fein)

Banking regulation legislation is vital and its absence has contributed in no small measure to the tragic situations we have witnessed. The ongoing effect will be that ordinary citizens and families will face serious consequences in the time ahead. It is imperative that there be real banking regulation in this jurisdiction.

The Sinn Féin Deputies, however, do not agree to the taking of this Bill in the absence of a draft code setting out the standards of fitness and probity that must apply. The Bill referred to by previous speakers as part of the Order Paper indicates that the code is a key requirement, yet there is no indication as to how the code will be drafted, whether Opposition voices will have any input and when such a draft will present. There is no provision for any of this. The code setting out the standards of fitness and probity is central. It is one of the cornerstones of any such legislation if the latter is to be effective.

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