Tom Hayes (Tipperary South, Fine Gael)
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Question 260: To ask the Minister for Finance if he proposes to make changes to the laws relating to the Financial Regulator, and its role in the financial system since 2003. [1203/09]

Brian Lenihan Jnr (Dublin West, Fianna Fail)
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Prior to the introduction of the Central Bank and Financial Services Authority of Ireland Act 2003, the regulation of financial services was dispersed across a number of bodies. However, most of these regulatory functions were allocated to the Irish Financial Services Regulatory Authority upon its establishment and, at that time, it was also given new functions relating to the promotion of consumer interests.

The Financial Regulator, arising from certain identified shortcomings, is conducting reviews of its business processes and procedures and its overall strategic approach. I will consider the outcome of these reviews and if I consider that a change in legislation is required, I will bring proposals to Government and the Oireachtas for consideration. Any such proposals would also take account of any changes at EU level.

In relation to the wider EU framework, there are a number of proposals being developed which are due for adoption this year. These include improvements to the Capital Requirements Directive to further strengthen the existing prudential framework for risk management and amendments to the Deposit Guarantee Scheme Directive to improve coverage levels and payout periods. I will ensure that Ireland will introduce the required amendments to Irish law as timely as possible in order to transpose the necessary changes in these areas within the required timeframe.

Tom Hayes (Tipperary South, Fine Gael)
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Question 261: To ask the Minister for Finance the annual budget for the Financial Regulator every year since 2003. [1204/09]

Brian Lenihan Jnr (Dublin West, Fianna Fail)
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The Financial Regulator was established in 2003, but its budget for that year was financed as part of the overall budgets of the Central Bank and the Department of Enterprise Trade and Employment. Since 2004, the annual budget of the Financial Regulator has been as follows: