Jim Higgins (Fine Gael)

I wish the authority well, just as everybody wishes well any authority set up to carry out a supervisory and regulatory role. It is important that the authority works, despite the fact that we have expressed doubts about the merits of merging its prudential and consumer protection elements. I agree with everything Senator McDowell said.

The Minister of State and I had an argument about when the review would be carried out. It should be carried out after a two-year period. The Minister of State said it would be a after a few years, but any reports the Minister or the Houses receive on an annual basis will, to an extent, be subjective. We need an objective, independent analysis of how the legislation will work. Will the Minister consider two years in place of the "few years" that is specified? It would be a timely juncture at which to carry out the regulation and would give sufficient time to see how the new body is discharging its remit once it is up and running.