Joan Burton (Dublin West, Labour)
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Question 121: To ask the Minister for Finance the progress made regarding the proposed reform of the financial regulatory superstructure here; the details of these plans; and if he will make a statement on the matter. [32378/09]

Brian Lenihan Jnr (Dublin West, Fianna Fail)
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The Government has 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 under the existing Central Bank and Financial Services Authority of Ireland. The new structure 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 to achieve the highest performance standards for the new organisation.

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. 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.

A high level group, chaired by my Department and including representatives of the Central Bank and Financial Regulator, has been established to expedite the implementation of the Government's decision and undertake appropriate consultations. As I indicated in my Second Stage speech on the National Asset Management Agency Bill 2009, I expect draft legislation providing for these reforms of the regulatory structures for financial regulation to be published before the end of the year.

The Deputy will also be aware that I recently announced that Professor Patrick Honohan will succeed Mr John Hurley as Governor later this month and a new Head of Supervision will be appointed shortly. In addition supervisory capacity is being significantly enhanced through new resources and additional expert staff.

Joan Burton (Dublin West, Labour)
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Question 122: To ask the Minister for Finance the position regarding a new Financial Regulator; when he will make an appointment to this position; and if he will make a statement on the matter. [32379/09]

Brian Lenihan Jnr (Dublin West, Fianna Fail)
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As part of the reform of the financial regulatory system, a new Director of Financial Supervision will have responsibility for the supervision of regulated institutions. The recruitment process for this position is now at an advanced stage and it is expected that an appointment will be made in the coming weeks.