Deputy Sean Sherlock has welcomed the appointment of Sir Andrew Large to oversee the appontment of a new Regulator."This is a welcome announcement and will send a positive signal to the International Community that Ireland is beginning to get its house in order in relation to the Regulation of the Financial Services and Banking Sector.

Deputy Sean Sherlock has welcomed the appointment of Sir Andrew Large to oversee the appontment of a new Regulator."This is a welcome announcement and will send a positive signal to the International Community that Ireland is beginning to get its house in order in relation to the Regulation of the Financial Services and Banking Sector.

"The appointment must be made sooner rather than later and every week that goes by weakens our position further throughout the financial markets. Placing the Central Bank at the heart of financial supervision will only be relevant if warnings issued by the Central Bank will be heeded by the new Regulator and by Government.

"Prudential supervision and the stability of the Banks will be vital to the future of the economy. Any new regulator has to be ahead of the curve in terms of understanding financial instruments.

"I don't understand why the Government has delayed in starting this process. The former regulator Mr Neary resigned in early January.

"Mr Large will need to be made aware of the fatal flaws that presently exist within the regulatory system. Any new Regulator needs to have the creativity and courage to let go of existing certainties that allowed nefarious practices to exist throughout the Irish financial system.