Brian O'Shea (Waterford, Labour)
Link to this: Individually | In context

Question 129: To ask the Minister for Enterprise, Trade and Innovation his views on the consultation paper on corporate governance published by the Financial Regulator [36389/10]

Batt O'Keeffe (Cork North West, Fianna Fail)
Link to this: Individually | In context

The consultation paper referred to in the deputy's question relates specifically to financial institutions and insurance undertakings, responsibility for which rests with my colleague the Minister for Finance. I understand this initiative is part of a wider strategy to update the domestic regulatory framework applying to credit institutions and insurance undertakings and that the Regulator plans to develop corporate governance frameworks for other sectors of the financial services industry such as funds and credit unions.

The Financial Regulator envisages that while the proposed new rules should apply to all credit institutions and insurance undertakings, he has not adopted a one-size-fits-all approach. I welcome the Regulator's openness to implementing the rules proportionately, where appropriate, and to recognise institutions with a lesser economic significance and lower risk activities. I understand the Financial Regulator has received over 130 responses to the consultation paper. I also understand these responses have been considered by the Regulator and that it is hoped to complete deliberations on the new regime in the coming weeks. I look forward to seeing the new corporate governance standards for the financial sector published by the Regulator in due course.