Thomas P. Broughan
Ceist:266 Mr. Broughan asked the Minister for Finance the proposals, if any, he has to develop the Single Market for financial services to benefit Irish consumers. [4797/99]
Written Answers. - Financial Services.
The creation of the European Single Market in financial services is a wide-ranging project which includes initiatives in a number of areas, ranging from directives on banking and investment services to corporate governance and the issuing of securities. The Single Market should result in new business opportunities in the financial services sector, open up new opportunities for investors and for companies seeking finance and allow consumers to get more value for money.
While there is now a solid body of directives and national legislation dealing with financial services issues, there are a number of additional measures under consideration, especially at the EU level. In this regard I might mention that a financial services policy group, consisting of the personal representatives of ECOFIN Ministers, has been set up to prioritise the actions that need to be taken to complete the Single Market in financial services. The group is looking at directives which remain to be finalised and at issues upon which the Commission is preparing proposals.