Sean Barrett (Independent) | Oireachtas source

I move amendment No. 2:

In page 10, subsection (1), line 28, to delete “regulated”.

I do not know what the Minister's travel schedule must look like these days but he is very welcome. My amendments aim to strengthen and support the Minister. They are suggestions.

The Minister knows from direct experience, much more than anybody else in the country, the requirement that we should regulate financial institutions as strictly as possible given the amount of damage that was done to the country. He has had to bear that burden ever since he came to office.

The purpose of the first suggested deletion is that we do not want people saying X is not regulated. I would be interested in hearing the Minister’s view. Given the costs, every area of financial services should be regulated. There are separate rules for moneylenders and pawnbrokers. This is an area where we have bitter experience as a country and we are all in support of the Minister. In fact, the reason most of us got involved in the debate was to ensure that the financial sector would never again behave as it did when it imposed such costs upon the country.

I do not wish the word “regulated” to be used as an opt-out for people seeking to avoid scrutiny. If it is understood that everything is regulated then such an opt-out is not be necessary. I have tabled a later amendment on the matter. We did put the point to the Governor of the Central Bank, Professor Honohan, when he came to see us. We asked whether he should not take on more responsibility given the difficulties that exist in the area and his response was what size Central Bank we want to have given our request for it to take on extra functions. I would like to have no doubt that the Central Bank is regulating the industry on behalf of the Minister and this country. There should be no more opt-outs or loopholes in the law.

We have seen what emerged in recent days. We have had enough from the sector. That is the purpose of the amendments tabled. The Minister must consider whether his hand is strengthened if the word “regulated” is removed. That is what I want. There is no such thing as regulated financial services and other financial services. They are all in the same bag and they will all face the scrutiny of the Minister and his officials in the Department and the Central Bank.

What went on heretofore has done such damage to the country. That is the general spirit in which I am interested in discussing the change with the Minister. If it helps him he might consider such a change on Report Stage. There is nothing involved other than to strengthen the hand of the Minister and Parliament in dealing with the sector, which is held in the utmost public odium, in particular since the tapes emerged in recent days.