Michael Noonan (Limerick City, Fine Gael) | Oireachtas source

The financial services section of the Department is in the charge of the Minister of State, Deputy Eoghan Murphy. He is proceeding with the committees to which I referred to publish a new revised policy statement on financial services.

The response from my Department so far is that in amending section 110 to obviate the various issues raised by Deputies in respect of property transactions we ensured that the changes did not infringe on the financial services industry because making the financial services more attractive in Ireland was the reason section 110 was introduced in 2003.

The Central Bank has recruited a significant number of additional regulators because it has had in excess of 100 inquiries from the City of London from people who are anxious to find out what the regulatory regime would be here if they were to move activity. The Department of Finance have had many inquiries and I understand IDA Ireland have also had many inquiries.

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