Richard Bruton
Ceist:436 Mr. R. Bruton asked the Minister for Finance if he has received a proposal for the establishment of a forum on banking to debate the future of the banking industry; and his views on the proposal. [16894/02]
Vol. 554 No. 5
436 Mr. R. Bruton asked the Minister for Finance if he has received a proposal for the establishment of a forum on banking to debate the future of the banking industry; and his views on the proposal. [16894/02]
In early September I received correspondence from the Irish Bank Officials Association which, inter alia, proposed a national forum on banking. It has also included this proposal in its submission to my Department's public consultation on the Central Bank and Financial Services Authority of Ireland No. 2 Bill, 2002.
I agree with the IBOA that the Irish financial sector is a major contributor to the economy, and that there is a need to ensure a strategic approach is taken to its development. To this end I established, in November 1999, the joint Department of Finance and Central Bank Working Group on strategic issues in the banking sector, which reflected on the future challenges facing the industry. The working group, which consulted widely in carrying out its deliberations, published its report as recently as August 2000. It made many recommendations which guide and inform policy development in this area.