Michael Noonan
Ceist:62 Mr. Noonan (Limerick East) asked the Minister for Finance if he intends to bring forward proposals to make the Central Bank accountable to a Committee of the Oireachtas; and if he will make a statement on the matter.
Written Answers. - Central Bank Accountability.
As the Central Bank is a statutory independent body, I do not propose to bring forward proposals to make the bank accountable to a Committee of the Oireachtas. However, it would not be precluded from examining any amending draft Central Bank legislation submitted to the Oireachtas in the future.
The bank has been entrusted by statute with wide powers of independent action in relation to the currency, monetary policy and the control and supervision of the banking system. In so far as these matters fall within the framework of general economic policy, the Oireachtas already has ample opportunity to discuss them or raise them by way of parliamentary question. In addition, the Bank's Annual Report and Annual Accounts are presented to both Houses. The accounts are audited by the Comptroller and Auditor General and the bank has no right to appoint outside auditors.