Thursday, 19 September 2019

Questions (59)

Thomas P. Broughan

Question:

59. Deputy Thomas P. Broughan asked the Minister for Finance if he will consider introducing legislation to rescind the autonomy of the Central Bank in view of the failure of the bank to create financial regulations to improve the ability of younger persons to purchase their own homes; and if he will make a statement on the matter. [38001/19]

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Written answers (Question to Finance)

The independence of the Central Bank of Ireland is provided for in Section 6(1)(A) of the Central Bank Act 1942, as amended. It is also enshrined in European statute by the Rome Treaty and the ESCB Statute.  I view this independence as vital in performing the Bank’s functions and also in terms of providing unbiased advice to Government and the Oireachtas. 

Given these national and EU statutes, I as Minister for Finance have no role in relation to the day to day functioning of the Central Bank.