Eoghan Murphy (Dublin Bay South, Fine Gael) | Oireachtas source

Solvency II was the priority. We had to move on Solvency II. That is what we had to look at first and that was the most important thing that had to be done. There is continuing engagement between the Central Bank and the Department on what the next moves might be to make sure that the Bank has the powers it believes it needs. That is the ongoing situation at the moment.

In so far as the working group is concerned, we are identifying the priority areas. I said earlier that a number of things are in the pipeline, to which I also alluded in my opening statement, that will take effect in the near future. Part of the job of the working group is to make sure that we drive those as well and they may come on stream in advance of the actual action plan. We hope that will happen and I do not want the Deputy to think that they are not being worked on at the moment.