Brian Lenihan Jnr (Dublin West, Fianna Fail)

That has been the kernel of the objection to the Bill as raised by Fine Gael. It is important to stress, however, that this is a new Bill and is not simply a case of "New presbyter is but old priest writ large". The Bill is detailed and essentially transforms the Central Bank into a new bank which combines a regulatory authority. Because of the fundamental change in character of the bank that is envisaged by the legislation, this is a case of a leopard changing its spots. The Government took a view on combining the functions so that the issue of prudential regulation, which is the bank's traditional function, is restated in the Bill but will now be combined with consumer protection in the regulatory authority.