Caoimhghín Ó Caoláin (Cavan-Monaghan, Sinn Fein)

We must accept that we are very far behind other developed countries' response to review of regulatory practices in their respective areas of responsibility. In the neighbouring island, the Turner review was completed and presented in March 2009. We have just had the two reports in recent weeks. It is critical to have ongoing direct oversight and knowledge of the implementation of recommendations contained in any and all of these reviews. Deputy O'Donnell's amendment makes eminent sense and clearly indicates to those who have been tasked with these undertakings and those who are responsible for their implementation that the Houses of the Oireachtas intend to continue to maintain a direct interest in and awareness of what is happening. We need to do that. It is the critical final guarantor for people to have democratically accountable voices which clearly have been missing from the entire process of regulation and oversight of the financial institutions going back over decades.

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