Tony Killeen (Clare, Fianna Fail)

Under the Bill, responsibility for providing consumers with financial information and education will be transferred to the National Consumer Agency, along with the associated staff. The Government has decided the agency is best fitted to support consumers of financial services and products by providing information and education in line with the agency's overall responsibilities for consumers. The supervision and regulation of products, markets and institutions from a consumer perspective remains with the bank. It would be entirely inappropriate to assign the NCA, which is responsible for consumer information and education, the role of reporting on the Central Bank's performance of its statutory functions which are outside the remit of the NCA. However, the Bill makes separate provision for a consumer advisory group and amendments made on Committee Stage in Dáil Éireann have further developed the role of that group. There is also provision for the Central Bank to make available to the Oireachtas an annual statement of its regulatory performance and discuss that statement before an Oireachtas committee, if so requested.

I am not in a position to accept the amendment because it runs counter to the underlying philosophy of the Bill in that in circumstances where the National Consumer Agency is to take over the financial information and education element it would be inappropriate also to task it with responsibility for the statutory functions of the bank.