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 accept what the Leader of the House has said. However, there is a circular argument to this issue. There are two roles within the regulatory authority. The role that the Consumer Director has to play and the functions of the authority in the area of consumer protection come within the responsibility of the Minister for Finance. I am not disagreeing with what the Leader said but surely there should be some level of consultation with the Minister responsible for consumer affairs on the appointment of the person concerned. I understand this comes within the responsibility of the Minister for Finance and that perhaps he does not like to consult but he might not have much longer to worry about consultation in his role as Minister. Be that as it may, it is appropriate that consultation with the Minister with responsibility for consumer affairs on this appointment should be provided for in the Bill.

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