Brian Hayes (Dublin South West, Fine Gael) | Oireachtas source

I thank the Members opposite. It is fair to say that this Bill has been hanging around for quite some time and has been the subject of many Private Members' Bills. Two specific Bills emanating from Deputy Michael McGrath and many initiatives from Deputy Pearse Doherty have ultimately ended up in this legislation. It became a much larger Bill and, as a consequence, took far more time. I congratulate the Deputies opposite for sticking with this and helping the Minister ultimately produce a more thorough Bill as a result of the consultation and the amendments that were accepted. I also pay special tribute to officials in the Department of Finance who in the course of the past five years or so had to produce many pieces of legislation because of the financial crisis.

This legislation will radically change the way in which supervision and enforcement within the Central Bank are dealt with. The reason for our collapse was not just political. It was also a collapse of regulation, due diligence and confidence in the regulatory system. This legislation is a key component in modernising our law, giving the consumer the protection they need and giving financial institutions the clear instructions they also need in terms of a well-regulated financial services area in this country. I congratulate the Deputies opposite for their very constructive approach to this Bill and for their engagement with it.

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