Michael Noonan (Limerick City, Fine Gael)

The Deputy knows more about this area than I do because he has taken a special interest in it. As part of the post-crisis reform agenda, the European Commission has made several proposals affecting investment, particularly derivatives. I can provide the Deputy with a briefing note on that point. I was not aware of the extent of the concern in the farming community and the growth in trading derivatives. A family in a poor community in a developing country needs food but to an investor in the Chicago commodities exchange, food is just another commodity on which one makes money. The balance has been struck and I am satisfied there is a satisfactory process under way in Europe to provide strong regulation. I will input what the Deputy said to the working group discussions so that the result will be strong regulation rather than light touch regulation.

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