Dáil Éireann - Volume 507 - 01 July, 1999

Written Answers. - Financial Regulatory Authority.

[934] 108. Mrs. Owen asked the Minister for Finance his views on the recently published McDowell report on a single financial regulator; and when legislation will be introduced to make the necessary changes. [17010/99]

Minister for Finance (Mr. McCreevy): The report was finalised by the group on 19 May 1999 and submitted to myself and the Tánaiste on the following day. The report contains a considerable number of recommendations and these are now being examined in both my Department and the Tánaiste's Department with a view to making recommendations to Government. The report was published on 23 June 1999 in order to facilitate public consideration of the issues that are involved.

The Tánaiste and I will be in a position shortly to submit joint proposals to Government as regards the next steps, including possible legislation, that must be taken towards establishing a single regulatory authority for the financial services sector.