Micheál Martin
Ceist:178. Deputy Micheál Martin asked the Minister for Finance if he will report on his role in tightening banking regulation; and if he will make a statement on the matter. [13593/13]
Amharc ar fhreagraTuesday, 21 May 2013
Ceisteanna (178)
Freagraí scríofa
A well-regulated, effectively supervised, competitive and more stable financial services sector is crucial to our economic recovery. It is important too for the continued development of Ireland as a centre for international financial services and as a location of choice for international foreign financial services firms. A vibrant secure well regulated financial sector is a core part of a stable business environment. A range of reforms have been introduced to underpin a more effective and efficient financial regulatory regime. The Central Bank Reform Act 2010 gave effect to significant structural changes in the operation of financial regulation in Ireland. The Central Bank (Supervision and Enforcement) Bill 2011, which completed Committee stage in April this year, further strengthens the ability of the Central Bank to impose and supervise compliance with regulatory requirements and to undertake timely prudential interventions. These reforms followed on from the reports of Prof. Honohan and Messrs. Regling and Watson which identified a range of regulatory failures which were instrumental in the financial crises.
At EU level, the Irish Presidency has prioritised a number of dossiers which balance responsible governance with the need to avoid unnecessary burdens, thereby ensuring that opportunities for economic growth and job creation are maximised. That work will ensure that our regulatory framework is benchmarked against other EU and international jurisdictions and enable us to work in building growth for the future that is underpinned by a sound regulatory environment.
Our reputation as a secure and stable hub of international business and finance must not be defined by the financial crisis but rather by our response to it and the steps we are taking to ensure that the mistakes of the past are not repeated. International companies recognise that a sound and consistent regulatory environment is a core part of a stable business environment. My Department and I will continue to work towards a balanced regulatory regime that is consistent with both long-term growth and job creation and a more focused and proactive financial services sector.