Vol. 505 No. 4
42 Mr. McDowell asked the Minister for Finance the reason for the delay in publishing the report of the advisory committee chaired by Mr. Michael McDowell SC dealing with the establishment of a single regulatory authority for financial services; when he expects to receive this report; the plans, if any, he has to publish the report immediately when received; and if he will make a statement on the matter. [13840/99]
56 Mr. Rabbitte asked the Minister for Finance if he 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 he will make a statement on the matter. [12232/99]
I propose to take Questions Nos. 42 and 56 together.
As the Deputies will be aware, the group was originally due to report before the end of February 1999. However, due to the complexity of the subject matter, the number of submissions received and the number of meetings held with interested parties, this deadline was extended to end-April at the request of the chairman of the group.
The report was finalised for submission to the Tánaiste and myself on May 19 last. It is our intention to bring the report to the Government shortly for consideration.
This is a major report dealing with the prudential supervision and regulation of the banking, insurance and securities sectors, which are major sectors of critical importance to Ireland's modern economy. The report has been some six months in preparation and its recommendations will require careful study by the Government.
