John Paul Phelan (Fine Gael)

I move amendment No. 4:

In page 19, paragraph (f), line 10, after "Minister" to insert the following:

"who shall be chosen to include persons with experience in the delivery of financial services, in the requirements for adequate consumer protection and in the needs of business for a competitive environment".

Senators will be aware that I have raised the issue of the suitability of appointees to State boards and authorities on various Bills which have come before the House. This amendment seeks to insert a requirement that people who are appointed to the authority have the relevant background and qualifications in financial services and other areas to carry out their role as members of the authority.

While the Central Bank has been an excellent authority, upon which I do not wish to cast aspersions, other State boards, which I will not name, have been filled with people under-qualified for the positions they hold. I doubt the Minister would seek to make appointments of party hacks to the board of the new authority purely because they happen to be members of a political party, but it is necessary to spell this out in the section. It does not tie the Minister's hands.