Dáil Éireann Debate, Wednesday - 13 May 2009
84 Deputy Aengus Ó Snodaigh asked the Minister for Finance the process in which he is engaged to reform the regulatory regime of the financial sector; when he expects this process to conclude; his key objectives as part of this process; and if he will make a statement on the matter. [19103/09]
Amharc ar fhreagra87 Deputy Richard Bruton asked the Minister for Finance if he plans to make institutional changes in the arrangements for financial regulation; if he will publish an assessment of issues in advance of presenting proposals to Government; and if he will present the heads of any legislative Bill to the committees of the Houses of the Oireachtas which are investigating regulatory failure for early consideration of reform proposals. [19085/09]
Amharc ar fhreagra117 Deputy Eamon Gilmore asked the Minister for Finance the progress made to date in respect of the establishment of the proposed Irish banking commission; and if he will make a statement on the matter. [18959/09]
Amharc ar fhreagraI propose to take Questions No. 84, 87 and 117 together.
I outlined the principles for major reform to our financial regulatory structures in my Budget Statement of 7 April, which provide for new structures for banking regulation that will place a reformed Central Bank, under the direction of a new Central Bank Commission, at the centre of financial supervision and financial stability oversight; a substantial increase in regulatory capacity; the appointment of a new Head of Financial Regulation and the establishment of a high level implementation group to expedite the implementation of financial regulatory reform.
The revised structure will provide for full integration and co-ordination of the prudential supervision and stability of individual financial institutions with that of the financial system as a whole. Together, these structural changes and substantial increase in regulatory capacity will support a more effective and efficient financial services regulatory system aligned with best international standards. A priority for Government is that the new independent Commission will be highly authoritative, expert and experienced in the key areas required for it to effectively discharge its responsibilities.
I intend to implement this major reform of the institutional structure for financial regulation and the preparation of legislation along the principles I have outlined over the coming months.
