As Senators will be aware, the Minister appointed an interim authority, on a non-statutory basis, on 16 April 2002, the chairperson of which is Mr. Brian Patterson. The role of the interim authority includes the selection of a chief executive for the IFSRA, working with the chief executive-designate and advising and assisting the Ministers concerned and the Central Bank in preparing for the establishment of the regulatory authority. The work of the interim authority will help ensure that a smooth transition to the new regulatory arrangements takes place as soon as possible. The posts of chief executive-designate and consumer director were filled recently on an interim basis after an open competitive process facilitated by independent executive search consultants. It is the Minister's intention that the members of the interim authority will form the new regulatory authority when it has been established under this legislation.