Dáil Éireann Debate, Thursday - 21 July 2016
125. Deputy Michael McGrath asked the Minister for Finance the plans the Government has to communicate to the financial services sector that Ireland has the regulatory capacity and expertise to deal with potential new entrants to Ireland following Brexit; and if he will make a statement on the matter. [23905/16]
Amharc ar fhreagraI can assure the Deputy that the Central Bank has confirmed to me that it is committed to providing a clear, open and transparent authorisation process and it is open to applications. At present, the Central Bank Commission is satisfied that it has the resources required to regulate the financial sector. I am confident based on the Central Bank's ability to significantly expand its regulatory resources in the last seven years that it is capable of doing so, if required to properly supervise and regulate additional financial service activity that may relocate to Ireland as a result of the UK referendum on the EU.
It is also important to note the increased role the European Central Bank plays in the banking licence authorisation process in Ireland and throughout the euro system. Therefore, the Central Bank will respond to any major changes to the Irish financial landscape, including potential new entrants as a result of the outcome of the UK Referendum on EU membership, in collaboration with the ECB.
Minister of State Murphy, who has responsibility for Financial Services, is closely engaging with the financial sector and IDA Ireland on developments in this area. He has also met with the Central Bank in its role as regulator, who have assured him that the Bank is open to authorisation applications.
The Government will of course work to promote and maintain Ireland's attractiveness to investors, including those in the financial services sector.
