Tony Killeen (Clare, Fianna Fail)

It seems there is a considerable level of agreement in focusing on prudential regulation. Across all sides of the House there is concern about the protection of consumers. What is at issue is the best means by which one ought to bring this about in the context of this legislation.

It is important to remember that under the Bill responsibility for providing consumers with financial information and education is being transferred to the National Consumer Agency, along with associated staff. The Government has decided the National Consumer Agency is best fitted to support consumers of financial services and products by providing information and education in line with the agency's overall responsibilities to consumers. The supervision and regulation of products, markets and institutions from a consumer perspective remains with the bank, and it is common sense and logical for it to operate as such.

It would appear to me to be inappropriate to assign to the National Consumer Agency, which is the agency responsible for information and education, the role of reporting on the Central Bank's performance of its statutory functions, functions which are clearly outside the remit of the NCA.

The Bill makes separate provision for a consumer advisory group. Amendments made to the Bill on Committee Stage will further develop the role of this group. It must be acknowledged that Opposition spokespersons and others had an input in this regard. Provision is also made for the Central Bank to provide to the Oireachtas an annual statement of its regulatory performance and to discuss that statement before an Oireachtas committee, if requested to do so. In my view this is the ideal location in which all of this ought to be dealt with in an open and transparent manner. We are all committed to addressing it in such a way. In the circumstances, this amendment would be entirely counterproductive and I do not propose to accept it.

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