asked the Minister for Finance if he is satisfied with the present role and performance of the Central Bank; if any changes are planned in the role of the bank or the membership of the board of the Central Bank; and if he will make a statement on the matter.
Ceisteanna — Questions. Oral Answers. - Central Bank.
3.
The answer to the first part of the question is yes. The Currency and Central Bank Acts are being reviewed in my Department. I do not propose to comment further until I have completed my consideration of the matter and placed my proposals before the Government for approval.
How long has the review and examination being going on in the Department of Finance? When is it hoped to have a conclusion to that review? I suggest that this has been going on for some years now.
It is very hard to say when it started because, in a sense, if there was any discussion about it internally in the Department, it could be argued that that was the date the review started.
Take the most favourable date.
In terms of a detailed and formal review, it is not very long. I do not have the specific information, I regret to say, but I will let the Deputy know to the best of my ability when a formal review was commenced. I am sure practically every Minister at some stage looked at different aspects of the Central Bank Act and decided, when an overall review was taking place, that particular changes might be made. In that sense the Act has been under review almost since it was enacted.
As regards the membership of the board of the Central Bank, would the Minister agree that there is a preponderance of commercial bank interests on the board? Does he not feel that the position should be redressed in view of the primary need to protect the interests of the general public rather than simply the interests of the shareholders and directors of the commercial banks?
I would not. There are only two commercial bank directors and the total number on the board is nine.