Work to upgrade financial legislation has picked up pace in recent months and it is now expected that the Insurance Bill would be presented to Parliament before the end of this year; and new credit union legislation by early next year; and a separate law for contributory pension schemes, later in the year.
The strength of this proposal lies not only in its collective, but also in its temporary nature. Structural transfers from one country to another can quickly lead to bad feeling, as we have seen elsewhere. That is not the case with the recovery fund. The fund is temporary, there are no direct transfers between countries, nor do countries assume responsibility for each other's debts.