Brian Lenihan Jnr (Dublin West, Fianna Fail)

I thank Senators for their contributions on Second Stage and the interest they have shown in the Bill which allows for the continuation of this country as an attractive and soundly regulated location for the financial services industry. I accept that it is a complex and technical measure. In that respect I have sympathy with Senator Quinn's comments. I will deal with that issue.

The Bill will establish a new entity, the Irish Financial Services Regulatory Authority, to manage the supervision of financial institutions in Ireland. While it will operate within the Central Bank of Ireland's legal structure, it is important to emphasise that the new authority will have independent functions with its own chief executive, chairperson and board.

The new authority will unite the supervision of the major sectors of the financial services industry, in particular the supervision of insurance undertakings will now be carried out by the same institution as the supervision of banks and the funds industry. There had been a degree of fragmentation in the regulation of these bodies. I share the views of Senator Ryan about the credit union movement and will deal with that issue.