Vol. 506 No. 5
51 Mr. O'Shea 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. [15844/99]
61 Proinsias De Rossa asked the Tánaiste and Minister for Enterprise, Trade and Employment if the Government will implement the recommendations of the Government's advisory committee on the regulation of the financial sector; and if she will make a statement on the matter. [15819/99]
I propose to take Questions Nos. 51 and 61 together.
In October 1998, the Government agreed in principle to set up a single regulatory authority for the financial services sector and established an implementation group to prepare recommendations for the basis on which the new authority should be structured and operate.
The report was submitted to me and, concurrently, to the Minister for Finance on 19 May 1999. Consideration is being given at present in both our Departments to the numerous proposals contained in the report which would have a significant impact on the financial services industry and its customers. The Minister for Finance and I are anxious to ensure that Ireland should have a financial regulatory system of the highest quality and international standing which will be of mutual benefit to this important industry and the wide range of clients that it serves.
