Michael D'Arcy (Wexford, Fine Gael)
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Under the original legislation, section 57 BF of the Central Bank Act, the council had regulation making powers. The powers will be transferred from the council to the Minister under the Bill. There are various rationales for such a change. It is believed that it is more appropriate for law making powers to be held by a Minister who is accountable to the public. Furthermore, the size of the council has been reduced under section 37, which may reduce the capability of the council to continue to fulfil its past regulation making role. The Minister will be the only authority to make regulations, impacting the role of ombudsman. The Minister can make regulations as necessary. However, he or she has to consult both the council and the ombudsman. There is a consultative process involving the council but the final authority will be with the Minister.