Brian Lenihan Jnr (Dublin West, Fianna Fail)

In regard to the credit union movement, there is a specific cap written into the legislation. As far as the other financial institutions are concerned, the proposal that will be devised in the regulations drawn up by the authority will require ministerial sanction. There is no intention in this legislation to establish a body which will make a profit at the expense of the financial services sector. I appreciate that the Senator canvassed wider issues regarding taxation in the State and the imposition of levies on financial institutions, but such matters are relevant to a debate on a Finance Bill.

As far as this particular measure is concerned – I wish to reassure Senator McDowell who also raised it – this entity, comprising the Central Bank and the regulatory authority, is designed to work on a break even basis. That is the scheme of the legislation. The regulations drawn up by the authority are to fund the services provided by the authority and to extract from the industry a contribution for their funding. A detailed consultation process is laid out in the legislation and this will eventuate in regulations being drawn up by the authority which will require ministerial sanction and which will be laid before the Houses.

Amendment, by leave, withdrawn.