Vol. 500 No. 4
226 Mrs. Owen asked the Minister for Finance if, further to Parliamentary Question No. 45 on 3 November 1998, a report has been received from the implementation group in relation to the proposals for the establishment of a financial regulator; and if he will make a statement on the matter. [4277/99]
The House will be aware that on 20 October 1998 the Government agreed in principle to the establishment of a single regulatory authority for the financial services sector at the earliest date possible; and agreed to the immediate establishment of an implementation advisory group to progress the necessary work. The group has been given until the end of February 1999 to report to the Tánaiste and myself. I understand that the work of the group is still ongoing and consequently, I have not yet received its report.
I also understand that the group has met on eight occasions to date and that significant progress has been made. The group is considering over 40 submissions which it has received and is currently in the process of meeting a number of interested parties. I expect that in the near future I will hear formally from the group as to whether it is possible to meet the end-February deadline.
