Vol. 510 No. 4
52 Mrs. Owen asked the Minister for Finance the outcome of the discussions between his Department and the Department of Enterprise, Trade and Employment on the preparation for Government of a memorandum on the establishment of a joint regulatory authority for the financial services industry. [22512/99]
135 Mr. Deenihan asked the Minister for Finance when a decision will be made on the establishment of a single regulator for all financial institutions; and if he will make a statement on the matter. [22652/99]
I propose to take Questions Nos. 52 and 135 together.
The House will be aware that on 20 October 1998 the Government agreed in principle to the establishment of a single regulatory authority for the financial services sector at the earliest date possible and agreed to the immediate establishment of an implementation advisory group to progress the necessary work. The group's report was finalised on 19 May 1999 and submitted to myself and the Tánaiste on the following day. The report, which contains a considerable number of recommendations, was published on 23 June 1999 at which time I asked that interested parties make their views known so that as much public debate as possible on this issue can take place.
No decisions have yet been taken on any aspect of the group's proposals. The Tánaiste and I hope to be in a position to bring joint proposals to Government in the near future in relation to the report.
