Michael Noonan (Limerick City, Fine Gael) | Oireachtas source

I do not propose to accept Deputy Michael McGrath’s amendment and, indeed, I am not in a position to agree to it.

As it reads, the amendment would require me, within three months, to lay before the Houses of the Oireachtas a report on the operation of the SMP of the ECB in so far as it affects Ireland. Under this amendment, the obligation to report is placed on the Minister for Finance rather than the Central Bank which, given that the SMP is a monetary policy instrument, would be the appropriate source of such a report.

In this context, complying with this amendment would be conditional on the Central Bank agreeing to provide the necessary information. Further, my understanding is that the Central Bank could not be obliged to provide, indeed it would probably be prohibited from providing, the information concerned to me. Sections 6A(3) and 6A(5) of the Central Bank Act 1942, as amended, limit obligations on the Governor and the Central Bank commission in regard to consulting with or informing the Minister for Finance by reference to the European treaty as defined in section 21 of the Central Bank Act 1942 as amended and the Statute of the European System of Central Banks and of the European Central Bank. I am informed the Central Bank expects information on the SMP to be covered by the obligations in the treaty and statute with regard to professional secrecy.