How does the role of the Central Bank here differ from other stock exchange areas?
SECTION 16.
Question proposed: "That section 16 stand part of the Bill."
In other stock exchange areas the competent authority is not necessarily the central bank; it can be some other regulatory body. We have decided that the Central Bank should be the regulatory authority in view of the fact that it is the regulatory body in relation to banks and building societies. All development regarding the regulation, monitoring and supervision of financial institutions are moving towards the Central Bank being the competent authority. It has the skills, expertise and experience, and that is the reason.
I was not involved in dealing with this Bill on Second Stage. In view of the powers now being vested in the Central Bank, is there a need for new legislation on the Central Bank? Does this have a knock-on effect in that regard?
No, it does not. The powers vested in the Central Bank enable the Central Bank not only to take on this but to take on additional supervisory powers that will become obvious in due course as the other directives are brought into law.
Question put and agreed to.