Brian Lenihan Jnr (Dublin West, Fianna Fail)

Yes, early 2011.

I welcome the general consensus on the need for change. However, I am acutely aware that there are different perspectives on financial regulatory reform. I fully expect that before the ink is dry on these very necessary reforms, some Members will express fears that we are overreacting to the crisis and that the pendulum will swing too far towards over-regulation. Indeed, I note that the leader of Fine Gael expressed such a view recently when he was reported as saying that NAMA was in danger of being overly heavy-handed in its regulation of builders and developers. That is a curious perspective and a change from the charge that this side of the House invented NAMA to bail out the builders.

To return to the Bill, I predict that the next line of argument will be that the new regime will deter investors and adversely affect job creation. There are already voices on Wall Street telling US reformers that they will scare business away to London.

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