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.