Seanad debates

Tuesday, 4 March 2008

3:00 pm

Photo of Shane RossShane Ross (Independent)

It is a question of language. If we have that debate we must be very focused and look also at Iran and other countries in that area which are guilty of atrocities of which we cannot approve either. If we are to have a debate, it must be balanced.

I agree with Senator Quinn about financial regulation. Regulation in this country is ridiculous and is out of hand. I do not know whether the Senator said this but my belief is that we should debate not so much the regulations as the regulators. Maybe that is what Senator Quinn is seeking. Because we have so many regulators it is almost impossible to keep up with what they are doing. What we ought to do is to look at whether they are of any value.

I have severe doubts about the Financial Regulator which is very fast to pounce on a wrongdoing when it has happened but very slow to ever discover it. Its public relations staff are geniuses. When something goes wrong it comes in with its army of public relations people and pursues the person or the institution which has committed the financial misdemeanour but it rarely discovers any wrongdoing. We might debate the matter in that light.

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