Mary O'Rourke (Fianna Fail)

I understand Senator John Paul Phelan's concern because somehow we see the Central Bank as an overarching and very proper body. However, the idea that it would hold consumers' concerns fast to its heart is slightly improbable, to say the least, and I recall being a participant at various times in that debate around the Cabinet table. Hopefully, the Central Bank will adapt to having this role bestowed upon it and will grow into the consumer protection component of the role.

We think of the Director of Consumer Affairs, Ms Foley, as being a person who deals with consumer issues arising from everyday life, including what one pays for various things and whether one's rights are being protected. As the role will be enshrined in legislation, however, I have no doubt that the Central Bank will adapt to it but there is no doubt that it will take time. It represents a change of focus and emphasis for the Central Bank because as well as dealing with the probity of our national finances, which it does with great acumen, it will now have to adapt to the consumer role also.

I gave this matter a great deal of thought at the time and on balance I think the legislation will be good for the Central Bank which will adapt to its new role. It will work out in the end because the bank's authority will combine all these activities which, in essence, will be a good thing.

Amendment, by leave, withdrawn.