Oireachtas Joint and Select Committees

Wednesday, 22 May 2013

Joint Oireachtas Committee on Finance, Public Expenditure and Reform

Strategy Statement 2011-2014 and IFSC Clearing House Group: Discussion with Department of the Taoiseach

2:40 pm

Photo of Kevin HumphreysKevin Humphreys (Dublin South East, Labour) | Oireachtas source

I want to bring Mr. Fraser back to the Clearing House Group meeting on 17 January, which is the last meeting for which there are published minutes. In the context of my original concerns about minutes, documentation and presentations and taking on board the remarks of people like Mr. Michael Somers and Mr. John Bruton concerning heavy financial regulations and their effect, I ask Mr. Fraser to comment on item No. 4 on the agenda of the meeting of the Central Bank industry subgroup on 27 November 2012, where industry made a presentation on enforcement. We got into trouble here because of a lack of regulation and for that reason, transparency is very important. That is why I wanted to see such presentations being published, particularly if they have the potential to influence regulation. We all know the problems that a lack of regulation caused. While the need to publish the minutes has been accepted today, we really need a lot more than that. We also need to see the associated documentation and presentations from those meetings. Transparency is vital so that it is clear that regulatory or taxation policy is not being overly influenced by any particular sector. I ask Mr. Fraser to ensure that this committee is provided with the presentations from the meeting that took place on 27 November, 2012. The issue is out there in the ether, with Mr. Michael Somers and Mr. John Bruton addressing it, of late. It appears that a number of industrial heavy weights attended the January meeting. Can this information be supplied to the committee?

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