James Reilly (Dublin North, Fine Gael) | Oireachtas source

I appreciate what Senator Barrett has said. There is no attempt of any kind being made to diminish or undermine the Legislature's involvement. The fact is that the previous risk equalisation scheme of 2003 was mainly set out in regulations. However, the new scheme, including rates for risk equalisation, credits and stamp duty levies, will be strengthened in the future by being set in primary legislation. Therefore, it is primary legislation now, not regulation, and the House will have ample opportunity to deal with the primary legislation each time it comes before the House. The House will also have ample opportunity to discuss rates every year. Therefore, there is no diminution of powers. This is an unnecessary provision now because it is no longer being done by regulation, but by primary legislation. That is what is behind this move.