Vol. 525 No. 1
28 Mr. Gilmore asked the Minister for Finance when he will bring proposals to Government for the establishment of a single regulatory authority for the financial institutions; and if he will make a statement on the matter. [23465/00]
As the Deputy will be aware, the group appointed by the Government to examine the implementation of its decision in principle to establish a single regulatory authority for financial services reported in May 1999.
Since the report was published, I have been working with my colleague, the Tánaiste and Minister for Enterprise, Trade and Employment to develop a proposal for Government which will provide a sound basis for the regulation of the financial services sector and which will enjoy the confidence of all concerned.
Discussions have taken place at official level and I have also consulted directly with the Tánaiste and Minister for Enterprise, Trade and Employment in relation to these issues. As soon as the Tánaiste and I have finalised our consideration of the issues, we will bring our proposals to Government for approval. I would hope that we will be in a position to bring a memorandum to Government in the near future.
