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 move amendment No. 7:

In page 42, line 6, after "Minister" to insert "having consulted with the Minister of Cabinet who holds responsibility for consumer affairs".

This is not a complicated amendment. It merely seeks to ensure that when the regulatory authority appoints the Consumer Director, the Minister with responsibility for consumer affairs would be consulted in the appointment process. It is appropriate that the Minister with responsibility for consumer affairs as well as the Minister for Finance would be consulted on the appointment of the person to fill this position. We have had a discussion on consumer protection and consumer affairs and how they relate to the authority in general. It would be appropriate that the Minister with responsibility for this area would be consulted on this appointment. It is necessary to spell this out in the Bill because provision is already made for consulting the Minister for Finance in this regard while in other parts of the Bill provision is made for consulting the Minister for Enterprise, Trade and Employment. In this section which deals with the appointment of the Consumer Director it is appropriate that provision should be made for the Minister with responsibility for this area to be consulted on this appointment and have a specific role in that regard.

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