Brian Cowen (Laois-Offaly, Fianna Fail)

During the period 2007-09, there was a sea-change in regard to the view of the regulatory system and its adequacy. For that reason, whatever work was ongoing had to take account of the new circumstances after autumn 2008.

On the membership of any advisory group, I am sure the members in question were recommended within the Department. There has been a very close working relationship between the financial services sector generally and the Department in terms of the determining how to develop the sector since the time the IFSC was set up. The sector has been providing much employment and revenue for the State down through the years.

With regard to the question on the regulatory system, we have received from the new Financial Regulator a very clear statement on the sort of regulatory regime he believes is required in the circumstances in which we now find ourselves. The desired changes are being mirrored by much change in other regulatory systems across Europe and globally. That is because of the inadequacy of the former regulatory system, which was clearly not sufficient to address the systemic risk that eventually emerged.

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