Joe O'Toole (Independent)

I will go through the regulation but I assure the House that we have looked at what I believe is called the blue book of the Securities and Exchange Commission and the raft of regulation emerging in other countries is far more intensive than what is coming through here. That is the reality.

We should remember that after a period of a few years there will not be a fund manager, a pension manager or anybody in the financial area, and I say this without fear of contradiction, who will invest one cent of investors' money in any economy which is not honestly and transparently above corruption.

Every year The Economist magazine publishes a corruption league. Fortunately, the only people who pick it up in Ireland are the tabloids but we are not held in high regard in that respect. That is becoming a huge problem. Senior people in the business world are concerned about it and they also want this area cleaned up. In fairness, the Senators who have taken different views here all agree on that point. It is about getting the balance right and we cannot do much better than what is here, taking on board a number of the points that have been made.