Dáil Éireann debate -
Thursday, 1 Jul 1999

Vol. 507 No. 4

Written Answers. - Financial Regulatory System.

Nora Owen

Question:

55 Mrs. Owen asked the Tánaiste and Minister for Enterprise, Trade and Employment her views on the recently published McDowell report on a single financial regulator; and when legislation will be introduced to made the necessary changes. [17009/99]

Tánaiste and Minister for Enterprise, Trade and Employment (Ms Harney)

The report of the implementation group for the single regulatory authority 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. Both 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.

I am confident that we will be in a position shortly to submit our joint proposals to Government regarding the next steps to be taken towards the establishment of the single regulatory authority. The timetable for the enactment of the necessary legislation will be decided on following the Government's decision on how it intends to proceed.