Brian Lenihan Jnr (Dublin West, Fianna Fail)

That will be a very complex process for which the Minister for Finance has accepted responsibility. Because the regulatory authority deals with so many parts of the financial sector, some consideration will have to be given to whether consolidation alone is the appropriate way to go or whether there should be some harmonisation of the legislation for different sectors at the same time as consolidation. The Minister is committed to carrying out the exercise. However, he does not believe it is either necessary or desirable to set a timetable for the bank. The regulatory authority will have to look at this on its establishment.

The Minister stated he would do his best to have the matter addressed while he was Minister for Finance but would not accept the timescale proposed and because of the size of the Bill and separate major legislation, the (No. 2) Bill, had to be addressed. Public consultation has taken place on that Bill. This Bill will include consultative panels with consumers and the financial services industry. The consumer panel will review the discharge by the regulatory authority of its functions, including those of the Director of Consumer Affairs and the Registrar of Credit Unions.