Paschal Donohoe (Dublin Central, Fine Gael) | Oireachtas source

The comparison with the FCA in the UK is interesting. The FCA began this work in October 2018. It has now published a final report. It was published this week along with a related consultation document. The FCA is inviting views on its consultation document up to 25 January 2021. The FCA has indicated that in the aftermath at some point next year it will publish a policy statement. That is the timeline for what is happening in the UK, as I imagine Deputy Doherty is aware. Deputy Doherty has been fair and accurate enough to describe my approach as logical. The UK approach illustrates that we should await the final phase of the Central Bank because I need to understand fully the view of the regulator in respect of this matter, the potential remedies and the consequences of action that the regulator or the Government can take. Deputy Doherty will see from the comparison with what is happening in the UK what timelines those in the UK are operating to. I am absolutely aware of the urgency of this issue. I welcome that the Central Bank has done this work quickly. I will act on this issue as soon as I am clear about what kind of action can deal properly with the matter but not create other difficulties that I would then be held to account for.

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