Michael D'Arcy (Wexford, Fine Gael) | Oireachtas source

Someone who is insolvent and never coming out of insolvency will have an opportunity to go back to zero and start again, which is good. It is not used in our jurisdiction because it is a stain on somebody's character to go bankrupt. However, other jurisdictions have moved beyond that psychological barrier and people have the opportunity to restart and get going again.

As a teenager in the 1980s, I recall people who restarted and were successful when they had that opportunity but they had to avail of appalling, Edwardian-type legislation. This is the 18th Bill the Government has introduced to help people who find themselves in that terrible position to get out of it.

I hope this will be concluded before Christmas. We will be not allowed to take all Stages today but there is a commitment from the Minister and Department of Finance to complete it year end in order that the funds are regulated, not their agents or service providers, which would be a positive change.

The Minister, Deputy Donohoe, has said on many occasions that these funds should appear before the Joint Committee on Finance, Public Expenditure and Reform, and the Taoiseach. They have been asked time and again and have on all occasions refused to a man and woman. None has ever shown up or given evidence.

I am happy to move this Bill on as quickly as we can to get it signed into law and enacted.

To respond to Senator Kieran O'Donnell's point, the Central Bank publishes a register of authorised firms, including firms that have a transitional authorisation under the transition agreements. That means I have three months to do this.