Seanad debates

Thursday, 27 March 2003

Central Bank and Financial Services Authority of Ireland Bill 2002: Second Stage.

 

Apart from this issue, the Government was of the view that the integration of the two functions provided for the advantage of the one-stop-shop. In the context of Ireland being a relatively small jurisdiction with a limited pool of expertise in the case of financial regulation, it is important to build a critical mass of skills relating to financial regulation in a single location. This is of major importance to the country. It also places the interests of consumers at the heart of financial services regulation by giving the authority specific responsibility in this regard. What is at stake is not simply a restatement but a redefinition of the role of the Central Bank.

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