Jim Higgins (Fine Gael)

I am disappointed that the Minister of State has not seen worthy to accept this amendment. I do not want to misquote him but he said the Minister of Finance was well disposed towards having a review carried out of the working of the legislation and the new regulatory authority "after the passage of a few years." What I am talking about is the passage of two years. Surely after the legislation has been operational for two years that would be a timely juncture at which to carry out a review of how it is working under the different headings. What I have set down in the amendment is a series of areas which would be monitored by the review body to see if the legislation was working and delivering. The legislation is going to go through and we wish it well. The role of credit unions is now de facto part and parcel of the remit of the new agency, though we might differ as to whether it is appropriate.

I welcome the ongoing dialogue between the Department and the credit union movement, and the comfort and assurances given to the movement but essentially I am talking about a review being carried out at a 24 month juncture and a report to the Oireachtas in order that we would know exactly how the Bill was working. If it is working well, "if it ain't broke, don't fix it" but if not, let us address the defects and deficiencies and bring forward amending legislation to plug whatever gaps are apparent or rectify any weaknesses or malfunctions. I am at a loss to know the reason, rather than just fending off the amendment into the dim and distant future, the Minister of State and the Department will not accept the amendment. How long is a few years? How long is a piece of string? What length of time is the Minister of State talking about when he says the Bill will be reviewed "after a few years"? Are we talking about three, four or five years? It is wrong that any legislation which has far-reaching consequences should be allowed to continue in an open-ended fashion under the general heading that a review will be carried out "after a few years".