Vol. 502 No. 4
15 Mr. S. Ryan asked the Tánaiste and Minister for Enterprise, Trade and Employment if she has received the report of the group established to advise the Government on the establishment of a single financial regulator; if not, when the report will be received; and if she will make a statement on the matter. [8337/99]
38 Mr. Noonan asked the Tánaiste and Minister for Enterprise, Trade and Employment if the report on the establishment of a single financial regulator has been given to her Department; the differences between her Department and the Department of Finance; and if she will make a statement on the matter. [8361/99]
83 Mrs. Owen asked the Tánaiste and Minister for Enterprise, Trade and Employment if the report on the establishment of a single financial regulator has been submitted to her Department; the differences between her Department and the Department of Finance; and if she will make a statement on the matter. [8474/99]
I propose to take Questions Nos. 15, 38 and 83 together.
On 20 October 1998, the Government decided to establish a single regulatory authority for the financial services sector. On the same date, it also agreed to set up an implementation advisory group to make recommendations for the basis on which the new authority should be established. The group was furnished with comprehensive terms of reference and asked to report back to the Tánaiste and to the Minister for Finance by the end of February 1999.
Due to the complex and wide-ranging remit which it was given and the extensive consultations which were undertaken with interested parties, the group found that it was not possible to meet its original deadline and requested a limited extension to enable it to furnish a substantive and quality report. The Government recognised the importance of adequate preparations for the establishment of the new financial regulator and, at its meeting on 23 February, approved an extension of its deadline to the end of April 1999 to enable the group to complete its work to a high standard.
The group is continuing its deliberations and is attempting to reach agreement on a broad range of complex issues. It would be unhelpful of me to comment on specific issues at this stage. I await the report of the group which I expect to receive at the end of April.
