Vol. 519 No. 5
64 Mr. Noonan asked the Minister for Finance the reason for the delay in publishing the Bill to establish a single regulatory authority for the financial services industry; if the memorandum to be prepared jointly by his Department and the Department of Enterprise, Trade and Employment has been completed; and if he will make a statement on the matter. [14210/00]
85 Mr. Penrose asked the Minister for Finance the proposed relationship between the new single authority for the banking sector and the credit unions; and if he will make a statement on the matter. [14275/00]
92 Mr. Wall asked the Minister for Finance when he expects to bring proposals to Government for the establishment of a single regulatory authority for the financial institutions; and if he will make a statement on the matter. [14266/00]
I propose to take Questions Nos. 64, 85 and 92 together.
In October 1998, the Government agreed, in principle, to the establishment of a single regulatory authority for the financial services area. The McDowell implementation advisory group was then set up to progress the necessary work. The group finalised its report on 19 May 1999 and submitted it to me and the Tánaiste on the following day. The report was published on 23 June 1999, in order to facilitate public consideration of the issues that are involved.
The report contains a considerable number of recommendations, and these are being considered in both my Department and the Tánaiste's Department. Certain aspects of the modalities of establishing a single regulatory authority are being reviewed, and when these have been settled, the Tánaiste and I will bring the proposals to Government for consideration and decision.
As regards credit unions, I should point out that the McDowell group considered that all financial service providers should, in principle, be dealt with by the SRA, and that a compelling case would have to be made for the exclusion of any provider from its remit.
In considering the position of credit unions, the group recommended that the approach which would best address these considerations would be to have the existing functions of the Registrar of Friendly Societies regarding credit unions brought into the SRA. The group recommended the establishment of a statutory position of registrar of credit unions within the SRA.
