Feargal Quinn (Independent) | Oireachtas source

There was a very interesting debate in the European Parliament some weeks ago about the rating agencies. The crackdown on rating agencies it called for is interesting because it is blaming agencies like Fitch, Standard & Poor's and Moody, which have 95% of the market, for taking a lax attitude to the sub-prime debt which arose in 2007-8 that caused the financial crisis. That debate came to the conclusion that something must be done about it. I wonder if we should have a debate on that topic in this House or perhaps in the finance committee. Senator Norris has called for such a debate on a number of occasions in recent years. I do not know enough about it but I am sure Senator Barrett and others would give us a very good insight into it. I would welcome a debate on that topic because if there is a 95% monopoly in any trade, and certainly in an area such as this one that can do so much harm, it is time we examined it with a professional eye. A debate would open the door to that.