Billy Timmins
Question:94 Mr. Timmins asked the Minister for Finance if he has carried out an investigation of the competitiveness of the financial sector which is central to maintaining long-term business competitiveness. [14483/02]
Written Answers. - Financial Services Regulation.
The main focus of my role in the financial sector is the delivery of an appropriate legislative framework for prudential supervision. The quality of our system of financial supervision is recognised abroad. This is one of the reasons that Ireland is seen as a location to establish financial enterprises.
I am also mindful of the need to promote the delivery of competitive financial services. The strategic review of banking undertaken by officials of my Department and of the Central Bank, and which was published in August 2000, considered, inter alia, possible future developments in the structure of banking from the standpoint of an efficient competitive market for financial services. They recommended that the regulatory authority for financial services should be mandated to monitor and report on competitiveness in the financial sector as it affects bank customers. I have accepted this proposal, and a provision to this effect is contained in the Central Bank and Financial Services Authority Bill, 2002, which is currently before the House.
The general question of competitiveness is primarily a matter for the Minister for Enterprise, Trade and Employment. Her remit includes fostering the conditions which support enterprises in meeting the challenges and opportunities of an increasingly knowledge-based, globalised and environmentally sustainable economy. The Deputy will be aware that the Department of Enterprise, Trade and Employment is giving active consideration to having a consultancy study undertaken, with a view to a vigorous examination of the competitiveness of the Irish insurance market.