Michael McNamara (Clare, Labour)

I thank Deputy Michael McGrath for introducing this important Bill in his party's Private Members' time. In his response to the Mahon, formerly the Flood, tribunal report, the Tánaiste referred to the corrosive link between corruption and politics, the lack of sufficient safeguards in the planning system and a runaway financial services system which provided cheap credit. This week, we heard much about the corruption in politics and how detrimental it has been. The Minister of State with responsibility for housing and planning, Deputy Jan O'Sullivan, has promised she will look at planning legislation. It is also good to see that the issue of financial services is also being addressed this week.

It has been a week in which, it is fair to say, politics has been brought to its lowest ebb since the foundation of the State. It has been a week in which the ordinary citizens on the streets of Dublin and Ennis, as well as across the country, have lost confidence in politics and its ability and that of politicians to deliver for them a system of government and rules by which they can live without favour given to powerful economic forces. In this context it is important we examine the role of financial services regulation.

This Bill's proposals are relatively modest but important. In that regard, I am quite happy to support it. I am also glad the Government will support the legislation. It is the second time in the year since this Dáil was elected that I have had the opportunity to speak on a Private Members' matter that the Government did not oppose merely for the sake of it. I commend the Minister for Finance on his mature approach in accepting this honest Bill.

The Bill gives the Financial Services Ombudsman the power to publish certain details of his findings. It reflects current government policy and the Minister for Finance set out in the Dáil on 16 February last that the Government has already been engaged in preparatory work necessary to make the sought after legislative changes. The Minister will bring forward an improved Bill on Committee Stage which will clarify the detail of its application. The Government does not oppose this Bill as it wants to work in a constructive way with the Opposition when it is eager to implement policy compatible with the Government's.

The Financial Services Ombudsman proposed himself that he be given power to provide information about individual financial services providers in his biannual report. This review is currently presented in aggregate form only. The Financial Services Ombudsman further proposes that these reviews provide a breakdown of the information provided by financial services providers and the relative market share of the provider would also be reported. He has invited and received submissions from interested parties and he proposes further consultations with the industry as to how this information should be presented. He has also requested that any legislation to provide information naming an individual service provider should only be published where he determines there is a compelling public interest to do so, such as the need to inform potential customers of risks they would not be aware of in the absence of disclosure. The Minister for Finance agrees in principle with the ombudsman's proposals and this Private Members' Bill reflects this policy. The precise scope and details of the application of the proposal have yet to be finalised. The Minister's officials will be engaging with the Financial Services Ombudsman in the coming weeks to formulate the details of a proposal for legislation.

It is largely irrelevant as to who proposes particular legislation. It is far more important that it makes sense. For a long time parties have opposed legislation and charges purely for the sake of it. This week the entire body politic stands impugned regarding corruption. For a long time Fianna Fáil refused to acknowledge corruption in the State. In doing so, it did the State a disservice because, as we now know, corruption existed in Fianna Fáil. It also existed in other political parties such as Fine Gael and the Labour Party. Playing Punch and Judy with politics by refusing to acknowledge a Member on the opposite side may have a valid point merely for the sake of opposing has ossified in the political system and done the country a disservice. More reform of the political system is required. It is 8.10 p.m. and only five of 166 Deputies are present in the Chamber. A Fine Gael Member has proposed that the Dáil sit on a more normal basis, namely, from 9 a.m. to 5 p.m. The time of gentlemen coming from their country estates or the Four Courts to the Parliament on a Tuesday afternoon, sitting until Tuesday night, repeating that on Wednesday and returning to their estates and professions on Thursday morning is long past. Fundamental reform was expected by those who voted for the Government. That this Bill is not being opposed is a tiny move in the right direction, but more reform is necessary. I am not referring to the financial services sector only, but to the manner in which Parliament carries out its business as well.

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