Pearse Doherty (Donegal South West, Sinn Fein) | Oireachtas source

It is good to hear that other financial institutions are seeking to set up in Ireland. I hope that they will provide opportunities for many of those who have lost their jobs. I am conscious of the announcement in recent weeks of 1,800 job losses at Ulster Bank.

The Minister stated that the regulatory provisions would need to be of a corresponding nature to those that exist in the State. Institutions would not be licensed or granted authorisation unless there was a regime of regulation of significant strength in the home territory. Does subsection 3(a) address this matter and stipulate that provisions must be of a corresponding degree? It states: "and supervision corresponding to those in the State." It seems that the institution must be supervised and have authorisation to carry on banking business in this State. Perhaps I am reading the wrong section, but it does not state the strength or force of the supervision.

If a corresponding regulatory regime is required, would that rule out many third countries that do not have the same type of regulatory regime as Ireland or are they more advanced than we are?

See this speech in context