Brian Cowen (Laois-Offaly, Fianna Fail)

The purpose of our action is to ensure a regulatory system that will in future seek to guarantee what happened in the past will not occur again. The independent regulatory system passed here by statute did not meet the requirements of the issue and there are now two reports - one from the Central Bank Governor and one from two eminent persons - which will come before the House in June this year. They will be debated by the Oireachtas and arising from that will be the terms of reference for whatever further inquiries will be necessary arising from that objective assessment. That is how the process should be dealt with.

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