Brian Lenihan Jnr (Dublin West, Fianna Fail)

In London, regulators are being told that they will frighten investors away to Geneva, and so on. However, the truth is that we are looking at an international reform movement intent on instilling high standards and preventing opportunistic regulatory arbitrage.

In this, I share the views expressed by President Obama in his recent address making the case for regulatory reform. A strong, well-resourced and independently-minded regulator is an integral part of any modern and complex economy. It provides reassurance to those investing and working in Ireland that there is no competitive disadvantage to playing a straight game and it provides the necessary stability to foster economic growth and public trust. Indeed a strong, well-respected and well-resourced regulatory system has the capacity to give us a competitive advantage in attracting financial services to this country.

This Bill is essential to the work already embarked upon by the regulator and the new chairman of the Central Bank. It will provide us with a robust structure and I commend it to the House.

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