Tom Parlon (Laois-Offaly, Progressive Democrats)

I thank Senators for their contributions. This legislation will underpin an important industry, income-earner and job-provider, given the 19,000 employed in the IFSC. It is a dynamic sector experiencing constant innovations and there is a need to tidy up matters.

The EU capital requirements directive was passed in June 2006. My understanding is that the Basel II requirements were incorporated in January 2007. We have moved quickly.