The Labour Leader, Mr Ruairi Quinn, yesterday accused the Taoiseach of treating the Dail with contempt in relation to the Government's plans to legislate for a single financial regulator.

"The Government is clearly at sixes and sevens over this issue," he said. "Despite repeated questions neither the Taoiseach nor Tanaiste can clarify if agreement has been reached on vital legislation relating to our financial services industry."

"It would be better if the Taoiseach has the courage to admit to the divisions within his own Cabinet, rather than trying to spoof his way through the matter when called to account in Dail Eireann."

The issue has been the subject of a row between the Minister for Finance and the Minister for Enterprise, Trade and Employment, Ms Harney.