Sean Barrett (Independent) | Oireachtas source

I move amendment No. 3:

In page 5, between lines 11 and 12 to insert the following:"(3) The Minister shall submit to the Oireachtas an annual estimate of the savings due to to the operation of this amendment.".

I welcome back the Minister of State, Deputy Sean Sherlock.

I also take this opportunity thank the Minister of State, Deputy Kathleen Lynch, who originally introduced the legislation in the House.

As stated on Committee Stage, there is agreement on all sides that we need a regime of financial services which will not get the entire country into the type of trouble into which the previous version got it in 2008. Were the Minister of State to succeed in his endeavour - he has our support in respect of it - such a regime would be a major asset to the country in the future. Senator Quinn and I have tabled a number of amendments designed to facilitate the development of such a regime.

Amendment No. 3 relates to instances where proceedings will be taken in the Circuit Court rather than in the High Court. We request that an annual estimate of the savings involved and a breakdown per case - with information on the total number of cases - be provided. It is good that we are going in the right direction and, as stated on Committee Stage, that the position would be quantified. It would also be useful to ensure that we will not revert to a situation where high costs might obtain. In other words, we should set a target with regard to the amount to be saved per case. If one were extremely concerned about costs, one might not want to engineer a situation whereby taking a case in the Circuit Court would cost one more than would be the case if it were taken in the High Court.

There are also concerns to the effect that legal costs relating to personal injury cases are eroding the savings that were made when the Personal Injuries Assessment Board, PIAB, was established. I agree with the Minister of State that there are savings to be made. However, it would be useful for the Oireachtas to be informed as to what will be the level of such savings and to be able to review the position in order to ensure that said level will be maintained. A responsible parliament should ask for information of this nature and assist the Government in fostering better standards of governance and public administration. If we have a goal, let us see whether we are moving closer to it. I hope we are doing so. The Minister of State has our support in the context of attaining that goal. I hope information will be made available in respect of how much it is hoped to save.

With so many things happening at present, including our escape from the troika, trying to put the public finances in order, there is a view to the effect that we have not sufficiently addressed the issues relating to the regulation of accountants. However, we cannot do everything at once. The public is still extremely annoyed with regard to what previously happened in the area of financial services. The Parliament must be vigilant and that is why I have tabled amendments Nos. 3 and 4. I will speak to the latter when the time comes. Parliamentarians would do society a service if they were to promote the making of both improvements and cost savings in this area.