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Official Engagements

Dáil Éireann Debate, Wednesday - 26 May 2010

Wednesday, 26 May 2010

Questions (124, 125)

Billy Timmins

Question:

136 Deputy Billy Timmins asked the Minister for Finance the discussions he has had with his European counterparts on the formation of an independent ratings agency; and if he will make a statement on the matter. [22143/10]

View answer

Written answers

There have not been any formal discussions at EU level on the formation of an independent EU ratings agency. A proposal to establish such an agency would present a number of important issues which would need to be examined very carefully. I would like to bring the Deputy's attention to the fact that the EU has already agreed on a regulatory regime for Credit Rating Agencies and that this new regime will take effect on 7 December this year. Member States have to appoint the relevant competent authority by 7 June. The Central Bank and Financial Services Authority of Ireland with be the competent authority in this country and my Department is currently making the necessary arrangements to complete this task by the 7 June deadline. Under the package of supervisory reforms in the EU, which emanate from the de Larosière Report, the soon to be established European Securities and Markets Authority (ESMA) will be the competent authority throughout the EU for the supervision of CRAs' activities. It is expected that the new Authority will assume this role in early 2011.

Joe McHugh

Question:

137 Deputy Joe McHugh asked the Minister for Finance the number of times that he or his Ministers of State have met with the Financial Regulator since May 2008; and if he will make a statement on the matter. [22144/10]

View answer

I meet senior personnel in the Offices and Agencies within the ambit of my Department as appropriate from time to time. The records in my office indicate that I have met formally with the Financial Regulator on four occasions in the period since May 2008. The Minister of State at my Department has also met the Financial Regulator on occasion over the same period.

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