Yes, it does. The implementation advisory group was established prior to the excellent work done by the Committee of Public Accounts. We have had the benefit of the committee's work in the meantime and we will have its report soon. The group reported in May and its report was subsequently published. The group's membership included people from various Departments, professional bodies, three independent appointees of the Government – one a nominee of mine, one of the Taoiseach and one of the Minister for Finance. They all came to the conclusion that there is a need for an independent regulator. The Committee on Finance and the Public Service is examining this issue. It could make an important contribution to the debate and I look forward to its recommendations. A previous finance committee of the House recommended the establishment of an independent financial regulator. It is essential that is done.
I am not in favour of institution building or turf wars. What is important is that, as much as we need the powers of the new regulator, the culture must be right. One can have all the powers in the world, but if the culture is one of not taking aggressive action, nothing changes. Various efforts were made during the work of the group, which were well publicised – everyone is well informed because there are plenty of people to inform Members and the media of the positions of various parties – to have a single body divided internally, with policy the remit of one wing and regulation the remit of another. However, that did not find favour in certain quarters. We will shortly – probably not until after the budget – bring a memorandum to Government so that we can make a decision.