Seanad debates

Wednesday, 2 April 2003

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

 

10:30 am

Photo of John Paul PhelanJohn Paul Phelan (Fine Gael)

I appreciate the Minister's reply dealing with what is the substantive argument concerning the Bill. While it is true that the McDowell report recommended a one-stop-shop facility both for consumer protection and the authority's regulatory role, there was an apparent contradiction in that, of the European countries examined by McDowell, virtually none had the one-stop-shop system. Both roles were separated in most cases. Opposition spokespersons frequently look to Ministers to enshrine and enact recommendations contained in various reports on specific areas of concern. However, I found the McDowell report's recommendation for a one-stop-shop approach actually contradicted the norm in other European countries. I would like to hear the Minister of State's thoughts on that contradiction because it probably goes to the nub of the problem concerning this legislation.

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