Shane McEntee (Meath East, Fine Gael)
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Question 51: To ask the Minister for Finance his plans to make institutional changes in the arrangements for financial regulation; if he will publish an assessment of issues in advance of presenting proposals to Government; and if he will present the heads of any legislative Bill to the committees of the Houses of the Oireachtas which are investigating regulatory failure for early consideration of reform proposals. [27933/09]

Emmet Stagg (Kildare North, Labour)
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Question 54: To ask the Minister for Finance his plans for the consumer protection function of the Financial Regulator; if it is envisaged that it will remain under the aegis of his Department; if a new agency is envisaged, amalgamating the National Consumer Agency, the Competition Authority and the consumer protection function of the Financial Regulator; and if he will make a statement on the matter. [27979/09]

Michael D Higgins (Galway West, Labour)
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Question 69: To ask the Minister for Finance his views on the recently published annual report of the Bank of International Settlements; his further views on whether there are lessons to be learned in the context of the imminent redesign of the financial regulatory architecture here; his proposals to enforce the comprehensive application of enhanced prudential standards that integrate a system wide perspective at Irish credit institutions; and if he will make a statement on the matter. [27987/09]

Brian Lenihan Jnr (Dublin West, Fianna Fail)
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I propose to take Questions Nos. 51, 54 and 69 together.

I announced on 18 June last that the Government had agreed a range of reforms of the regulatory structures for financial regulation. A new single fully integrated regulatory institution, the Central Bank of Ireland, will be established, replacing the current two pillar structure of the Central Bank and the Financial Services Regulatory Authority, comprising the Central Bank and Financial Services Authority of Ireland, to achieve the highest performance standards for the new organisation. The new Central Bank Commission will be chaired by the Governor of the Central Bank and will be responsible for both the supervision of individual firms and the stability of the financial system generally, combining micro-prudential and macro-prudential supervision in the one institution.

Within the new regulatory structures, the consumer information and education role, currently carried out within the Consumer Directorate in the Financial Regulator will be re-assigned to the National Consumer Agency (NCA) which is being amalgamated with the Competition Authority. The functions to be merged in the new body are highly complementary and share a common goal of enhancing consumer welfare. Regulation for consumer protection, including the development and enforcement of codes of practice, remains within the new Commission as an integral part of conduct of business regulation.

There is growing and extensive international literature on the causes of the financial crisis and identification of supervisory issues that need to be addressed. This includes the report of the de Larosière Group to the European Commission and the annual report of the Bank of International Settlements. Both these reports highlight the importance of a macro-prudential orientation for regulation, focusing on the stability of the system as a whole as well as the viability of individual institutions. The range of reforms announced will underpin a much more effective and efficient financial services regulatory system aligned with best international practice. The approach taken closely reflects arrangements proposed at EU level and will ensure a cohesive approach between the two critical elements of effective financial regulation.