Paschal Donohoe (Fine Gael)

I move amendment No. 17:

In page 56, column 3, between lines 22 and 23, to insert the following:

"(2) In publishing its proposed levies, it shall publish an impact assessment of the proposed levies including relevant comparisons of cost effectiveness of its operations with comparator countries.".

This amendment seeks to ensure that the new Central Bank, in the reports it will produce, makes adequate use of international benchmarks in these areas. It is proposed that in terms of levies we consider the degree of levies imposed in other countries to ensure the levies being put in place are appropriate. We tabled this amendment because we have seen examples in other regulatory bodies where easy decisions are made on the level of levy to fund and put in place large, well-funded regulatory bodies. We need a profitable banking system and for it to be well regulated. I want to ensure there is focus on making sure the levies imposed are adequate and ample to fund the organisations and are also proportionate. The way to check that is to examine what has been done in other jurisdictions.