I wish to deal with the main provisions of the Bill as they relate to the regulatory authority. The authority will be established under the proposed new section 33B of the principal Act and will operate as a constituent part of the new bank. However, it will have its own chairperson, chief executive and consumer director, and up to seven other members, and will have independent functions. The non-executive members will be appointed by the Minister for Finance following consultation with the Minister for Enterprise, Trade and Employment, the chairperson will be appointed by the Minister for Finance from among these members and the chairperson, chief executive and some authority members will also be members of the board of the Central Bank and Financial Services Authority of Ireland. The authority will have its own budget. It will submit its annual report to the Minister for Finance, who will lay it before each House of the Oireachtas and, in recognition of the unique role played by credit unions in Irish society, a separate statutory post of Registrar of Credit Unions is also provided for.