Seanad debates

Thursday, 27 March 2003

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

 

Senator Quinn raised the form of the drafting. When I was first tasked with introducing this measure on Report Stage in the other House a few weeks ago, I had sympathy with his point of view. The McDowell group recommended that a single regulator should be set up which should be followed by the consolidation of the relevant legislation. The Minister for Finance has decided to adopt this sequence. He has promised that the relevant legislation will be consolidated. This sequence will allow the authority to have a full say in the consolidation exercise. It is proposed to enact the second measure which I outlined to Senator Higgins and, at its conclusion, consolidate the entirety of the legislation. There will be consolidation of all Central Bank legislation into one piece of legislation with the financial legislation.

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