Brian Lenihan Jnr (Dublin West, Fianna Fail)

Three legislative measures relate to Deputy Durkan's question. The financial services regulation Bill, as Deputy Durkan mentioned, consolidates and modernises financial services legislation in accordance with the Government's better regulation agenda and an advisory forum has been established to assist and advise my Department on completing this project. Initial work indicates the consolidation aspect of the project involves 50 Acts, 250 statutory instruments and 70 commencement orders. The advisory forum will report on the draft heads to the Minister early next year so it is not possible at this stage to give a publication date.

There is a financial services deposit guarantee scheme Bill, which contains 11 heads, and this gives effect to the Government decision to enhance the protection arrangements applying to deposits with banks, building societies and credit unions from 20 September 2008. That is a new Bill which is expected to be published as soon as possible. To some extent, for the next two years, the Bill has been superseded by the terms of the guarantee given by the Government. It remains important legislation for the credit unions and institutions not within the scope of the guarantee.

There is also the financial services miscellaneous provisions Bill, which contains 21 heads, and this transfers ministerial responsibility for building societies from the Minister for the Environment, Heritage and Local Government to the Minister for Finance and provides for various miscellaneous amendments. The scope of required legal changes is being examined and the Bill is expected to be published in 2009.

On the general banking position, I am content with the powers given by the Houses of the Oireachtas in dealing with ongoing developments.

See this speech in context