Vol. 527 No. 2
39 Ms O'Sullivan asked the Minister for Finance when he will bring proposals for the establishment of a single regulatory authority for the financial institutions to Government; and if he will make a statement on the matter. [28002/00]
52 Mr. Noonan asked the Minister for Finance if he has taken a memorandum to Government which proposes to establish a single financial services regulator; his views on whether the regulator function should be vested in the Central Bank or in a stand-alone agency; and if he will make a statement on the matter. [27969/00]
I propose to take Questions Nos. 39 and 52 together.
The Government has taken the decision, as Deputies will be aware, that there should be a single regulator for financial services. However, I have not as yet brought a memorandum to Government which proposes the establishment of a single regulator.
Work has been done by my officials and officials of the Department of Enterprise, Trade and Employment in relation to the options for the location of the regulator function, in particular on the innovative twin pillars option mentioned in the McDowell Report.
