Vol. 505 No. 4
10 Mr. Noonan asked the Minister for Finance if his attention has been drawn to the concern being expressed by the MSF union on behalf of its members in the Central Bank of Ireland regarding the forthcoming report of the Single Regulatory Authority Implementation Advisory Group; the measures, if any, he will take to accommodate their views when the report is published; and if he will make a statement on the matter. [13864/99]
I am aware of the concerns expressed by the MSF union on behalf of its members in the Central Bank regarding the creation of a single regulatory authority, SRA, for the financial services sector. I am also aware that representatives of other staff involved in the supervision of financial services have expressed views on this issue. I can assure the House that appropriate levels of consultation will take place with the bodies concerned before a single regulatory authority is established.
In relation to the report of the implementation advisory group, which was set up to advise the Government on the establishment of a single regulatory authority, I am pleased to advise the House that the group finalised its report on 19 May and that copies of the report have been submitted to the Tánaiste and myself. It is our intention to bring the report to the Government shortly for consideration.
Will the Minister confirm that the committee reported on the basis of a majority report and a minority report and that the two reports are directly opposed in their recommendations?
The group completed its deliberations on Wednesday and I got the report last Friday. It is my intention and that of the Tánaiste to bring the report to Government as soon as possible. I have no objections in principle to publishing it. That will happen in due course and then everyone will know what the group recommended. In the meantime Members should await publication of the report and not take full cognisance of press speculation as to what may or may not be in it.
The Minister must know at this stage if there is a significant minority report. That is information to which we are entitled. The Minister and the Tánaiste received the report. I understand there is a significant minority report and its proposals are diametrically opposite to those contained in the majority report. Will the Minister confirm that there is a significant minority report?
I am not prepared to confirm what is or is not in the report until it is published. There was adequate speculation as to the respective intentions and preferred options of the various parties represented on the implementation group. I am sure the final report signals what their intentions are, but it would not be correct of me to signal what is in the report until it is published. It will be published after it has been considered by the Tánaiste and me and then by the Government.
This is a very important matter. In setting up the implementation group, the Government is in favour of a single regulatory authority. As the Deputy will readily appreciate, the setting up of a single regulatory authority and all matters related to it is a major issue. It must be given ample consideration by the Tánaiste and me and then by the Government. I am sure the report will be published and then I will invite the Deputy and other Members to give their views on it.
When the Government decided to set up the implementation group, did it commit itself to be bound by its recommendations?
The Government made a principled decision that there should be a single regulatory authority. The implementation group was set up to assess all the issues related to a single regulatory authority. The Government is committed to a single regulatory authority, but its structure, format and location is a matter for recommendation by the group following which the Government will consider the matter.
Is the question of how a single regulatory authority would operate and its composition still open to decision by Government.
Yes.
Therefore, I take it the Minister is not committed absolutely to the recommendations made by the advisory group.
No. The Government's decision was that it is committed to a single regulatory authority, nothing else. The implementation group was asked to put forward its recommendations and it reported last week. Its report will be placed in the public domain in due course and eventually the Government will have to make a decision on the matter.
Will the report be circulated to Members before the summer recess?
I got the report only last Friday. The Tánaiste and I were abroad on Government business yesterday and, therefore, it was not possible to place it on yesterday's Cabinet agenda. I hope it will be placed on the Cabinet agenda as soon as possible and afterwards, subject to Government agreement, published.
Will Deputies be given a copy of it?
In that case, it will be circulated to Members.
