Dáil Éireann Debate, Wednesday - 22 May 2013
83. Deputy Andrew Doyle asked the Minister for Finance if he has plans to consolidate the legislative basis for the Central Bank of Ireland and its operations; if officials from his Department have held discussions with the Central Bank in this regard; when he expects legislation to be brought forward; and if he will make a statement on the matter. [24731/13]
View answerA range of reforms have been introduced to underpin a more effective and efficient financial regulatory regime including the Central Bank Reform Act 2010 which gave effect to significant structural changes in the operation of financial regulation. The Central Bank (Supervision and Enforcement) Bill, which is before the House at the moment, introduces further reform in strengthening the powers of the Central Bank to impose and supervise compliance with regulatory requirements. Further reforms to the legislative basis of the Central Bank will also be required in the transposition of a number of key EU financial services proposals which are under discussion at present. The consolidation of Central Bank legislative provisions is not an active project at present given the very extensive reform agenda still in progress. However, the Law Reform Commission has generated a restatement of the Central Bank Act, 1942 which sets out the current status of the Central Bank Act 1942 in its amended form.
