Tony Killeen (Clare, Fianna Fail)

Members will remember that the Bill was amended on Report Stage in the Dáil by way of the acceptance of a Fine Gael amendment along these lines to provide that regulations made by the bank relating to fitness and probity would be laid before the Oireachtas. This referred to in section 26(6). However, the Minister also advised on Committee Stage in the Dáil that it was important for the Central Bank to be in a position to act promptly in designating controlled functions to ensure the full rigour of the fitness and probity provisions could be applied. For that reason, he is not persuaded by the argument that there should be a 21-day delay which the amendment would cause. In addition, it is important that once the Central Bank is assigned this function, it is able to act independently and at arm's length from the political system. For that reason, it is not proposed to provide for amendment or annulment of the regulations by the Oireachtas.