Martin Mansergh (Fianna Fail)

As I stated on Second Stage, this legislation effectively deals with two commercial sectors. It deals with customer banks but also with international financial services who are mostly not dealing with Irish customers. It is essential that we retain some flexibility and discretion in regulation. If we become too rigid, we will discourage very valuable international investment in this country. The amendment is based on almost a certain sort of distrust of the authority. If such authorities are established, they must be given a certain amount of discretion, flexibility and trust if they are to perform to their best.