Derek McDowell (Labour)

I assume, therefore, that the major effect of this is to transpose the directive and effectively increase the fines that can be imposed in cases on indictment and I welcome that.

There is plenty in the Bill to tease out on Committee and Report Stages. I welcome the Bill but I am nervous about legislation the major thrust of which is to create a regime where regulation is lighter than at present. While we all want major international banks and investment funds to come to Ireland, we must be conscious that they are attracted here in a way that secures consumer rights and avoids some of the downsides that other financial centres around the world have experienced.