Noel Ahern (Dublin North West, Fianna Fail)

I hope the Bill is right. While the legislation deals with the architecture of financial regulation, it depends on those who operate it. There is no doubt we will be paying the price for this mess for some time. It will be up to the banking inquiry as to who made the boo boo of it all. No one realised things could have gotten so bad. We were at a certain stage of our own ten-year growth pattern and then along came certain world problems that put us into a spin. The system between the Financial Regulator, the Central Bank and the Department of Finance has already been in place . Hopefully, this legislation will get a better structure in place. However, this and the other two Bills will have to be influenced by the banking inquiry that will be held over the next 12 months.

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