Brian Cowen (Laois-Offaly, Fianna Fail)

Section 13(a) and (b) will give the Financial Regulator a legal right, subject to EU confidentiality constraints, to disclose confidential information to the National Consumer Agency for the performance of the agency's functions as provided for in the Consumer Protection Act 2007. Section 13(c) extends the deadline for submission of its annual budget by the Financial Regulator from the end of September to the end of October each year. Given the complexity of the process for establishing the Financial Regulator's budget, it is felt that the Financial Regulator should be given a more extensive period for preparation.

Section 13(d) extends the immunity from costs arising from the discharge of their duties to members of the Financial Services Ombudsman Council. It will ensure that members of the council are not liable for damages arising from the discharge in good faith of their statutory duties. The Financial Services Ombudsman was established as an independent body in its own right. The existing provision may give the impression of an element of accountability to the Financial Regulator which was never intended. Section 13(e) will clarify the Financial Services Ombudsman's independence. Section 13(f) will reduce the number of required compulsory retirements from the board of the Financial Regulator by the number, if any, of voluntary resignations which may have occurred between the relevant anniversary dates so as to ensure continuity of membership and minimise any potential disruption to the official working of the Financial Regulator.

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