Seanad debates

Wednesday, 2 April 2003

Central Bank and Financial Services Authority of Ireland Bill 2002: Committee Stage.

 

10:30 am

Photo of John Paul PhelanJohn Paul Phelan (Fine Gael)

I understand what the Minister of State and Senator Mansergh are saying. I would love to employ a draftsman, but unfortunately I cannot do so. I gather that the Minister of State might be supportive of the amendment if it was placed elsewhere in the Bill. The regulations operated by the Central Bank with regard to the banking industry are designed to ensure that the structure stays in place – that banks keep operating and that people's money will not be affected by banks' becoming insolvent. However, the other part of the legislation is the complete opposite. It deals with consumer protection and tries to ensure that the consumer is not being ripped off. The two different objectives are miles apart.

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