Vol. 501 No. 2
39 Ms Clune asked the Minister for Finance the progress, if any, being made by the committee chaired by Mr. Michael McDowell SC which is examining the way in which to regulate the financial services industry; and if he will make a statement on the matter. [5330/99]
On 20 October 1998 the Government agreed in principle to the establishment of a single regulatory authority for the financial services sector at the earliest date possible and agreed to the immediate establishment of an implementation advisory group, under the chairmanship of Michael McDowell SC, to progress the necessary work.
I understand that the group, which has received over 40 submissions from interested parties, has met on me occasions to date and significant progress has been made. Last week, both I and the Tánaiste received letters from the secretary to the group advising us that, due to its complex and wide ranging remit and the extensive consultations which it has been undertaking with interested parties, the group will not be able to meet the end February deadline for submission of its report to us. The group considered this matter with a view to identifying an attainable time scale for completion of its work and sought approval for submission of its report to now take place in April 1999.
That request has been acceded to and I now expect to receive the group's report in April.
