Brian Cowen (Laois-Offaly, Fianna Fail)

A two-Bill approach is being proposed to make legislative progress in this area during 2010. The first Bill will be relatively short and will concentrate on the reform of the regulatory structures in the Central Bank and Financial Services Authority of Ireland. The second Bill will facilitate the other legislative changes that are needed to reform and enhance the functions and powers of the restructured banks. Some important regulatory-enhancing elements may be included in the first Bill, as long as they do not lead to a delay in completing that legislation. The Minister for Finance will shortly seek Government approval for the heads of the first Bill and for his officials to proceed with drafting. It is intended to have that Bill enacted by Easter, or shortly thereafter. It is hoped to have the second Bill enacted in the current year and, if possible, to consolidate all the Central Bank legislation into a single statute in 2010. Work on this project will proceed, as far as possible, simultaneously with work on the other two Bills.

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