Primary legislation would not be necessary to achieve 100% industry funding of financial regulation and the Central Bank Reform Bill 2010 does not contain any specific proposals in this regard. However, I have asked officials in my Department to undertake a process of consultation with the Central Bank and Financial Services Regulatory Authority and representatives of the financial services industry with a view to examining how we might move towards 100% funding of the regulation of financial services by the industry. The Governor of the Central Bank, in a statement to the financial services industry in December 2009, also signalled his expectation of an increasing degree of industry funding for financial regulation.
Under the provisions of the Central Bank Act 1942 (Section 33J) Regulations 2009 a supplementary levy was imposed on credit institutions covered by the Credit Institutions (Financial Support) Scheme 2008 which is designed to recoup 100% of the costs of the more intensive level of supervision necessary to ensure compliance by relevant credit institutions with the provisions of the Scheme.