Willie Penrose (Westmeath, Labour)
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Question 100: To ask the Minister for Finance if he will report on the recently published Three Year Strategy document from the Financial Regulator. [39230/06]

Brian Cowen (Laois-Offaly, Fianna Fail)
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I welcome the publication of the Financial Regulator's Strategic Plan for the next three years, 2007-2009. The Strategic Plan is a detailed and comprehensive statement of the Financial Regulator's objectives. It is set within an explicit performance framework identifying clearly the Financial Regulator's High Level Goals, together with specific actions and indicators of progress. The Strategic Plan will direct the Financial Regulator's work and is a roadmap for Irish financial services regulation until 2009.

The Strategic Plan explains the Financial Regulator's regulatory approach and objective of promoting the best interests of consumers and fostering sound dynamic financial institutions in Ireland. The Plan set outs the Financial Regulator's principles-based approach to regulation and states the principles that the Financial Regulator expects financial service providers to comply with. It also clarifies the Financial Regulator's risk-based approach to supervision and in particular its approach to supervising the international wholesale sector is spelt out.

The Financial Regulator's Strategic Plan is an important manifestation of its open and transparent approach to financial regulation. The Strategic Plan ensures a close alignment of the broad policy objectives with the day-to-day work of the organisation. It provides a clear and objective basis for scrutinising the performance of the Financial Regulator. The plan therefore should enable a constructive engagement between the Financial Regulator, the financial services industry and consumer interests sharply focused on the concrete tasks that the Financial Regulator is now committed to undertake.

The Deputy should note that the Strategic Plan has been developed in consultation with both the Industry and Consumer Consultative Panels and reflects the Financial Regulator's open and constructive dialogue with them.