Feargal Quinn (Independent) | Oireachtas source

I second the amendment. It was interesting to read British financial newspapers over the past week and see references to Mark Carney and Canada being saved because of his regulation. We got used to light touch regulation over the past 20 years and it seemed to do a world of good for some aspects of the economy until everything went wrong. I did not realise that Ireland had such a weak regulatory system. We thought we had a good system, not only in the banking sectors but in other sectors. It appears we were incorrect and the light touch regulation got us into trouble. Senator Barrett's amendment is worthy of consideration. It takes a long time to get anything done in Ireland and not only in the context of regulation. The US, UK and Japan moved much more quickly than we did to deal with criminal offences in the banking sector. We take a long time. That may protect some citizens but that also damages other citizens who think it unlikely anyone will suffer.