Michael Noonan (Limerick City, Fine Gael) | Oireachtas source

The Deputy has quoted Wolfgang Schäuble correctly. Mr. Schäuble has suggested that nothing will be in place until early 2014. The President of the European Central Bank, Mario Draghi, has said it will be a 2013 project and will take six to 12 months to put in place. Mr. Schäuble's own Chancellor, Angela Merkel, has said it will happen in the last six months of 2013. I am not criticising anybody for having different views. Negotiations on the nature of common supervision are in progress. There is a very strong drive to put it in place from 1 January next. It will have to be implemented to see whether it is successful. The legal competence for supervision will be located at the European Central Bank in Frankfurt. Some of the supervisory functions will be decentralised to local regulators and local central banks. Common codes of practice are needed to ensure there is a high standard of regulation that is at least as good as what is in place already and preferably better. A rule book must be developed, followed by manuals to allow local regulators to implement the rules. Various protocols will be put in place. All of that work is taking place at present. Other decisions have to be made. Nobody is trying to delay it. An entire corpus of work is needed to get the supervision in place and working effectively.

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