Kieran O'Donnell (Limerick East, Fine Gael)

I support this amendment. It is very reasonable. We tabled amendments Nos. 44 and 51 which will probably not be reached because of the guillotine, which are complimentary to and very much in keeping with the amendment tabled by Deputy Burton. Amendment No. 44 states, at subsection (2): "In publishing its proposed levies, it shall publish an impact assessment of the proposed levies including relevant comparisons of cost effectiveness of its operations with comparator countries". I understand Deputy Burton's amendment considers a situation whereby the industry would pay for regulation but it would be paid in such a way that, in effect, it would be break even. There is no further cost to the taxpayer. That is my interpretation. It is a very fair situation. The levies which are imposed on the industry are in excess of the cost to the industry, which ends up being charged to the end customer. I commend Deputy Burton's amendment as a reasonable proposal. I do not wish to tell the Ceann Comhairle his business but I am surprised amendments Nos. 44 and 51 from the Fine Gael Party were not grouped with amendment No. 3 because they also deal with the impact of the levies.

We must ensure that the cost of the regulatory system is met by our financial industry. Regulations have not been enforced at industry level and the taxpayer is pouring €22 billion down the drain of Anglo Irish Bank, as well as putting various sums in the other banks, and we still have not reached the end game. For these reasons, we will be supporting the amendment.

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