Tommy Broughan (Dublin North East, Labour) | Oireachtas source

I share Deputy Pearse Doherty's views. Obviously, the protocol is welcome, but we are talking about two-way communication and having a formal memorandum of understanding would seem to be the best way to advance this. In the context of major new Central Bank legislation that will be brought before the House, is this approach something the Minister would consider vis-à-vis financial institutions generally, given the catastrophic failure of the Central Bank to regulate the financial sector up to 2009? I know we will be faced with new banking supervisory rules at some stage next year and perhaps memorandums of understanding could be incorporated into them. Alternatively, the Minister might review the position when the Bill goes before the Seanad and give further consideration to the memorandum of understanding proposal.

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