Seanad debates

Thursday, 27 June 2013

Central Bank (Supervision and Enforcement) Bill 2011: Committee Stage

 

3:00 pm

Photo of Feargal QuinnFeargal Quinn (Independent) | Oireachtas source

The Minister is very welcome. I did not expect to see him today. The saints have the ability of bilocation or multi-location and the Minister seems to be able to do the same thing himself as well.

I add my voice of support to Senator Barrett. When I first saw the amendment I did not understand the rationale behind it. I know he is committed to making sure that we have a very strong financial sector and I thought he was removing regulation, but in fact what he is saying is that by insisting the Minister includes regulation every time, if it is not done on one or other occasion it might appear to be an exception. The wording would then read “a financial service provider”, meaning that it must be regulated, and on the assumption that it is automatically regulated. I support Senator Barrett’s position.

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