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Dáil Éireann debate -
Tuesday, 19 Feb 2002

Vol. 548 No. 5

Written Answers. - Legislative Programme.

Breeda Moynihan-Cronin

Question:

64 Mrs. B. Moynihan-Cronin asked the Minister for Finance his plans to expedite the publication of the legislation required for the establishment of an Irish financial services regulatory authority, especially having regard to the recent case of alleged fraud within a subsidiary of a financial institution (details supplied); and if he will make a statement on the matter. [5561/02]

The Deputy will be aware that the Government decided to reorganise the structure of financial services regulation last year. The Office of the Parliamentary Counsel has, for some months, been working on the complex task of preparing the text of the legislation. My departmental officials continue to work closely with that office to finalise a text. At present consultations are ongoing with the Tánaiste's Department and the Central Bank to finalise the remaining points. This bill should be ready for publication in the very near future.

Financial services are a complex and evolving industry. Events such as those referred to by the Deputy serve to emphasise the need for the strongest possible prudential regulatory arrangements. The Central Bank of Ireland financial services authority legislation will provide the framework for the ongoing development of regulation so that regulatory practice here can keep up to date with the constantly changing issues facing this complex industry. This will also provide an appropriate focus on issues of concern to consumers.
I have mentioned before that I have asked the Central Bank to report to me on the lessons of this incident in terms of any legislative changes which might be appropriate. It is too early to say what these might be. However, I am sure that banks, regulators and legislators around the world will be anxious to learn all the appropriate lessons.
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