Simon Coveney (Cork South Central, Fine Gael) | Oireachtas source

It is the role of the Central Bank, not the Government, to regulate the banking system. Should another a scandal occur, the type of which we are talking about today, the Government, if it needs to, will act. On the levy issue, the Minister for Finance, Deputy Donohoe, has made it clear that he has not been prescriptive in terms of what the Government will do until such time as he gets clarification from the banks this week in terms of what they intend to do, but he has also made it clear that if the Government is not satisfied with the response this week from the banks there will be a further Cabinet meeting dealing with the detail of the options that are available to Government in that regard.

In regard to the Central Bank, it already has extensive and significant powers to fine and a series of other powers. The suggestion that the consumer protection function should be taken from the Central Bank is misplaced.

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