Wednesday, 27 February 2013

Questions (74)

Micheál Martin


74. Deputy Micheál Martin asked the Minister for Finance the progress there has been at EU Council meetings on tightening banking regulation; and if he will make a statement on the matter. [2380/13]

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Written answers (Question to Finance)

As the Deputy will be aware I have responded to a similar question in January 2013. I will therefore limit my response to progress since then. I chaired the ECOFIN Council meetings on 22 January and 12 February. Minister of State Hayes represented Ireland as the delegate at both of these meetings. At these meetings I provided Ministers with an update on the various banking regulation dossiers currently being discussed i.e. the Single Supervisory Mechanism (SSM), the Capital Requirements Regulation and Directive (CRD IV) and the Bank Resolution and Recovery Directive (BRR).

Having assumed the Presidency of the Council of European Union, Ireland is currently engaged in trilogue and tripartite discussions with the European Parliament and the Commission on the Capital Requirements Regulation and Directive and on the Single Supervisory Mechanism. In relation to these dossiers the engagement with the Parliament is now advanced and the Irish Presidency is hopeful of reaching a conclusion in the coming weeks.

Work is also progressing on the Bank Resolution and Recovery dossier. It would not therefore be appropriate for me to comment further at this stage except to say that in its European Presidency Ireland will be doing all it can to continue to progress work on these dossiers in the coming weeks.