I propose to take Questions Nos. 189 to 191, inclusive, together.
The Financial Regulator is currently undertaking a public consultation on corporate governance through its consultation paper, Corporate Governance in Financial Institutions, published in April 2010.
The consultation paper has been prepared and issued directly by the Financial Regulator, on foot of a commitment in the renewed Programme for Government, to develop new statutory rules in relation to the governance of major financial institutions.
As the Deputy is aware the Financial Regulator is independent in the performance of its functions and my Department has not had any role in the preparation of the consultation paper.
The consultation paper sets out proposed minimum requirements as to how banks and insurance companies should organise the governance of their institutions including membership of the Board of Directors, the role of the Chairman and the operation of various board committees. It is proposed that the requirements will apply to all credit institutions and insurance companies licensed or authorised by the Financial Regulator including Irish licensed and authorised subsidiaries of international financial services groups.
The Financial Regulator's consultation paper also sets out the statutory basis on which it will implement the proposed new corporate governance rules.
It would not be appropriate for me to comment on the specific issues raised by the Deputy as these are a matter for the Financial Regulator to consider in finalising its proposed corporate governance standards. The Deputy may, however, wish to bring her views to the attention of the Financial Regulator by way of a formal submission to its consultation. I am informed that the Financial Regulator has invited views on its consultation paper up to 30 June 2010.