Bernard Allen (Cork North Central, Fine Gael)
Link to this: Individually | In context

Question 112: To ask the Minister for Finance his views on whether it continues to be appropriate that the target of promoting the development of the financial service sector be part of the mandate of the Central Bank. [11556/10]

Brian Lenihan Jnr (Dublin West, Fianna Fail)
Link to this: Individually | In context

Section 5A(1)(b) of the Central Bank Act 1942, as amended, provides that the Bank has as a function "to promote the development within the State of the financial services industry (but in such a way as not to affect the objective of the Bank in contributing to the stability of the State's financial system)". The powers and functions of the Central Bank, including section 5A(1)(b), are currently being examined in the context of the Government's programme to reform the institutional structures for regulation of financial services in Ireland and I will be bringing legislative proposals in this regard to Dáil Éireann in the near future.