Pearse Doherty (Donegal, Sinn Fein)
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With respect, I asked the Minister of State a question about additional powers that the Central Bank was seeking in order to regulate insurance holding companies effectively. The Bank wrote to the Minister over a year ago seeking those powers. When will the Bank be given the necessary powers? Solvency II was transposed in January of this year and we are now in September. The Minister of State's response earlier suggested that he was not aware of a request for more powers, despite the fact that Mr. Derek Moran and the Minister for Finance received such a request from both the former Governor of the Central Bank, Mr. Honohan and the Deputy Governor, Mr. Roux. I am seeking a clear answer to my question. Is it the intention of the Minister of State, his task force or the Department to provide the additional powers that the Central Bank is seeking? This is particularly pertinent given that since this letter was written, another insurance company operating in the market has gone bust.