Marc MacSharry (Fianna Fail)

That is, to comment on this Bill in a positive way. Irish people can get loans from foreign banks, but if the Senator had read the Bill, he would realise that it does not deal with that issue. The Bill is about investment firms and the dealing of shares across borders. The Senator wants to get stuck in to the only thing he knows anything about, which is health. Furthermore, it is unparliamentary to use the words "lie" or "lying" about any civil servant or person in general. It is not something in which we engage, on either side of the House.

The financial services sector in this country has been a shining light in leading the economy to its position as one of the most successful in the world. All the economic indicators would suggest that is the case, notwithstanding the fact that we are facing difficult times. It is time to be prudent, vigilant and conscious of world affairs and factors that can affect our economic outlook and situation at any given time.

The Bill sets out a regulatory environment in line with the markets and financial instruments directive. That reminds me that the Senator had said the Government was doing nothing about it. If he had even a remote understanding or knowledge of the institutions in Europe, such as the Council of Ministers, the Commission or even the European Parliament, the Senator would be aware that Ireland plays its fullest part in all aspects of legislation. This includes the preparation of directives at embryonic stage, right through to last February when the Government was one of the first in Europe to transpose the directive. We are now putting it into law, so the Senator was misinformed while having a rant about the health service. He knows a little about that, given his background in medicine.

The Bill has provided an ideal opportunity for the Department of Finance to make some changes to a number of areas which, taken on their own, would not have required a Bill. I particularly welcome section 13, which enables the Financial Regulator to disclose confidential information to the National Consumer Agency about the agency's performance of its functions. It is important that the Financial Regulator can deal directly with the National Consumer Agency in ensuring that the customer is the king. The advantages of this Bill must be clearly visible to the customer on the ground.

The Bill also allows the National Treasury Management Agency to provide foreign exchange services to the Department and State bodies, resulting in sizeable savings to the Exchequer, of up to €700,000, according to the Minister of State. This is a victory for common sense and we should seek such savings across Departments, through European legislation and our own primary legislation.

Fines are to be put in place by the Bill for up to €10 million and prison sentences can be imposed for up to ten years. It also provides for fees to be charged to the financial institutions so that the regulator can carry out its functions. This is very positive and is to be welcomed.

Due to the technical nature of the Bill, it requires some research before one can speak on it, but it is to be welcomed. When one considers the contribution made by the financial services sector in this country, it is important that it is regulated. With 27 EU member states, it is even more important that we can operate to a regulatory system which we all understand, rather than having to deal with 27 different regulatory systems. The consumer and common sense are the victors, because it will lead to cheaper financial services, better consumer protection and better regulation. That will make Ireland and Europe more attractive to foreign investment from third countries.

I look forward to the passing of this Bill and I commend it to the House. It shows that Ireland is to the forefront in the introduction of such legislation. Ireland is also to the forefront in the preparation of such directives at European level. I thank the Minister of State for coming to the House. I know he and the Minister will look to the future in a prudent, vigilant way. There are uncertain times ahead and we might not be in the same situation as we were in the past few years, where the economy had been so buoyant as a result of the boom in property and in a number of other areas.