Seanad debates
Wednesday, 9 April 2003
Central Bank and Financial Services Authority of Ireland Bill 2002: Report and Final Stages.
The Bill provides for very clear structures. The functions of the financial authority, the consumer director and the registrar of credit unions are clearly set out in the legislation. Each of these must produce a strategic plan outlining their policy objectives. These strategic plans then participate in the authority's strategic plan which has to be approved by the Minister. If there were any suggestion of a conflict in policy objectives the Minister would ensure it was resolved. A simple example of this would be if there appeared to be an overlap in the policy objectives of the Army and the Garda in relation to drug seizures. The appropriate Minister or Government would step in and ensure it was resolved.
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