Tom Shehan (Fine Gael)

There is an old saying, "Power corrupts". If one turns back the clock to the end of the last term when the Central Bank and Credit Institutions (Resolution) (No. 2) Bill came before the House, one will find I did everything I could to protect credit unions. I cautioned the Minister, Deputy Noonan, that power does corrupt and that he was giving too much power to Mr. Matthew Elderfield, the Financial Regulator. Yet, last week Mr. Elderfield appointed a special manager to Newbridge Credit Union at a cost of €423 an hour. That is wrong.