Seanad debates

Wednesday, 9 April 2003

Central Bank and Financial Services Authority of Ireland Bill 2002: Report and Final Stages.

 

10:30 am

Jim Higgins (Fine Gael)

I move amendment No. 5:

In page 45, to delete all words from and including "in the name of" in line 22, down to and including "Authority" in line 26 and substitute "after consultation with the other members of the Regulatory Authority".

This amendment deals with the responsibility of the consumer director and seeks to amend the new section 33S(6) which states:

The Consumer Director may issue codes or impose requirements under an enactment or statutory instrument referred to in subsection (2), but only in the name of the Regulatory Authority and after those codes or requirements have been approved by the other members of the Regulatory Authority.

The amendment seeks to delete all words after "but only" and to insert in their place "after consultation with the other members of the Regulatory Authority". It basically seeks greater consultation with the regulatory authority.

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