Eamon Gilmore (Dún Laoghaire, Labour) | Oireachtas source

We need to take into account that the Government has been taking action in this area. When this Government came to office in 2011, we inherited what was known as the light touch regulation regime. That was the regime which applied under the previous Government. Members of that Government boasted at various times that there was light touch regulation. That has been greatly changed. A Bill before the Dáil this morning, the Central Bank (Supervision and Enforcement) Bill, is about tightening the regulatory regime that applies, for example, in respect of financial institutions.

The first point which must be acknowledged is that the Government has already tightened and strengthened the regulatory regime in the financial services sector.

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