Vol. 512 No. 6
33 Mr. Penrose asked the Minister for Finance the reason he has not made a decision on the implementation of the Government decision of October 1998 to set up a single regulatory authority for financial services; and if he will make a statement on the matter. [26907/99]
As I advised the House on 10 November last, the report of the implementation advisory group, 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 could take place.
This is an important issue which requires careful consideration before any decisions are taken. I have received representations from a wide variety of sources on this issue and am actively taking account of all of them in my considerations. No decisions have yet been taken on any aspect of the group's proposals. However, the Minister for Enterprise, Trade and Employment and I hope to bring joint proposals to Government in the near future in regard to the report.
Is it true that the substantive disagreement is between the Minister and the Minister for Enterprise, Trade and Employment? He will be aware that his colleague told the House some weeks ago that she expected to bring joint proposals to the Government and, thereafter, to the House some time after the budget. When will the Minister for Finance bring them forward? I am sure he agrees that the fact that the matter has not been decided one and a quarter years after the Government's original decision in principle is causing difficulty.
This is some time after the budget and, therefore, it is possible to bring the proposals forward. While the Minister for Enterprise, Trade and Employment and I might have had disagreements on a wide variety of issues during the lifetime of the Government, I assure the Deputy that we have had none to date on any aspect of the report on the single regulatory authority which was produced by the implementation advisory group. As I pointed out during previous replies to questions on this issue, we decided on the establishment of a single regulatory authority in autumn 1998. We set up the advisory group and asked Mr. Michael McDowell to chair it. The nine people in the group came forward with three different proposals on the location of the authority. There was agreement on almost all the other issues, which related to the substance of the authority, but its location gave rise to three recommendations. I hope in the near future that the Minister for Enterprise, Trade and Employment and I will be able to bring a joint memorandum to the Government to dispose of this issue.
Has the joint memorandum which the Minister has prepared with the Minister for Enterprise, Trade and Employment been forwarded yet to other Departments for observations?
No.
