Dáil Éireann debate -
Tuesday, 17 Nov 1998

Vol. 496 No. 6

Written Answers - Financial Services Regulation.

Brendan Howlin

Question:

78 Mr. Howlin asked the Minister for Finance if he has received the report of the working group set up to make recommendations in relation to banking regulations; if so, if he will publish this report; and if he will make a statement on the matter. [23709/98]

Minister for Finance (Mr. McCreevy)

I presume the Deputy is referring to the group I established earlier this year to examine legal and consumer issues in banking. The work of this group has been overtaken by the Government's agreement in principle on October 20 to create a single regulatory authority for the financial services sector and the establishment of an implementation advisory group chaired by Mr. Michael McDowell SC to progress the necessary work.

The working group on legal and consumer issues in banking undertook a considerable amount of valuable research and analysis on the current regulatory framework but had not agreed conclusions by 20 October. I have nevertheless agreed that a document setting out the progress the group had made should be made available to the implementation advisory group. The document, which represents "work in progress", was made available to the implementation advisory group on 12 November, and I expect it will prove useful to it in its work. The implementation advisory group, which had its first meeting on November 5, is due to present its report by February 28 next. It is not my intention to publish the last draft document prepared by the working group on legal and consumer issues in banking, which has been furnished to the implementation advisory group on the basis that it represents a "work in progress".