Joan Burton (Dublin West, Labour)
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Question 103: To ask the Minister for Finance if the Delegation of Banking System Functions Order 2010, SI 115, was prepared by the parliamentary counsel or by the Department of Finance; the precise legal basis for the delegation each of the following powers, namely, the negotiation, with credit institutions, of positions to be considered by him in relation to the possible provision of support under section 6 of the Act of 2008; the management of any acquisition by him of an interest in a covered institution; the management of any shareholding by him in a covered institution; where a scheme provides for the imposition by him on a covered institution of restrictions on the incurring of dated subordinated debt, a decision to impose such restrictions and the implementation of any such decision; the preparation of reports for consideration by him with a view to their presentation to the Oireachtas Committee on Finance and the Public Service, pursuant to the Act of 2008 and any scheme; subject to any relationship framework for the time being in effect pursuant to section 3(1) of the Anglo Irish Bank Corporation Act 2009 (No.1 of 2009), his functions under subsections (3) and (4) of section 3, which relates to giving directions to Anglo Irish Bank Corporation Limited and section 34 which relates to the issue of securities of that Act; and if he will make a statement on the matter. [14108/10]

Brian Lenihan Jnr (Dublin West, Fianna Fail)
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The Delegation of Banking System Functions Order 2010, SI 115 was prepared by the Office of the Parliamentary Counsel.

Each of the functions referred to by the Deputy has been delegated under Section 5 of the National Treasury Management Agency Act 1990, which provides that the Government may delegate to the Agency the functions of the Minister for Finance specified in the First Schedule to that Act, as amended as well as any other functions of the Minister in relation to the management of the national debt or the borrowing of moneys for the Exchequer that the Minister considers appropriate.

A related direction to the NTMA makes it clear that they are to play a lead role in these matters, working in close consultation with my Department and with the Central Bank and Financial Regulator.

As Minister for Finance I will continue to be fully responsible and accountable to the Oireachtas and my Department will necessarily remain closely involved with banking and financial services issues.