Lucinda Creighton (Dublin South East, Fine Gael)
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Question 208: To ask the Minister for Finance the plans to form a European financial crisis cell to tackle the current financial crisis; the composition, functions and powers of such a cell; and if he will make a statement on the matter. [38493/08]

Brian Lenihan Jnr (Dublin West, Fianna Fail)
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One important element of the conclusions of the European Council meeting of 15th and 16th October 2008 was the establishment of a Financial Crisis Cell to enable swift and effective action to be taken in a crisis situation. The cell is a warning, information-exchange and evaluation mechanism involving representatives of the Presidency-in-office, the President of the Commission, the President of the ECB (in conjunction with the other European central banks), the President of the Eurogroup and the governments of the Member States. It is based on existing administrative structures rather than a legal decision and can be activated at any time by a Member State faced with a significant financial stability issue ensuring that information is provided immediately and in confidence to the institutions and all Member States. The establishment of the Cell is an important step in strengthening financial stability contingency planning arrangements in the EU.