Sean Barrett (Independent) | Oireachtas source

I move amendment No. 15:

In page 27, line 19, after "auditing." to insert the following:"The Bank shall conduct and publish research on standards for assurance and auditing and shall be the authority for stipulating and regulating such standards.".

Section 27BA(9) as inserted by section 35 of the Bill states: "In specifying under subsection (2)(b) the standards in accordance with an examination is to be conducted, the Bank shall have regard to internationally recognised standards for assurance and auditing." My fear is that this is the problem. The Minister has just come from attempting to deal with it in Brussels. With regard to generally accepted international standards, do we need higher standards in Ireland? Many of the international companies in this area have done damage not just to Ireland but to Greece and all the other countries with which the Minister was discussing matters in recent days. Should we set the standards for people to operate here given what has happened internationally? I will leave it at that. I know there is a view that this will happen at European level. Does the Irish customer need protection and would we wish to do that ourselves? Due to public concern, would this strengthen the Minister's hand?