Written answers

Wednesday, 28 April 2010

Department of Finance

Financial Services Regulation

Photo of Caoimhghín Ó CaoláinCaoimhghín Ó Caoláin (Cavan-Monaghan, Sinn Fein)
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Question 76: To ask the Minister for Finance his views on whether the current regulatory process for auditing firms is adequate; if the self-regulatory regime for accountants and auditors should continue; if he has been approached about problems in these auditing firms; and if he has any plans to change the regulation process for these firms. [17094/10]

Photo of Brian Lenihan JnrBrian Lenihan Jnr (Dublin West, Fianna Fail)
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Policy matters relating to the regulation of auditing and accounting bodies are the responsibility of my colleague, the Minister for Enterprise, Trade and Employment in the first instance. As I stated to the Deputy on 1 April in this House, the questions he raises with regard to the conduct of certain accountancy and auditing firms are legitimate. Notwithstanding the responsibility of the Minister for Enterprise, Trade and Employment in relation to the regulation of audit firms, I am of the view that the banking inquiry could provide a context within which the general matters referred to in the course of that debate can be addressed. I have already drawn the attention of Messrs. Regling and Watson to the issues raised, in the context of their preliminary investigation into the crisis in the banking sector in Ireland.

Following my comments in the course of that debate, Chartered Accountants Ireland have written to me to advise me of investigations that the Chartered Accountants Regulatory Board is undertaking in relation to chartered accountants who were directors of financial institutions. I intend to bring this correspondence to the attention of the Minister for Enterprise, Trade and Employment.

Photo of Mary UptonMary Upton (Dublin South Central, Labour)
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Question 77: To ask the Minister for Finance the progress made to date regarding the strategic review of the credit union sector; and if he will make a statement on the matter. [17227/10]

Photo of Brian Lenihan JnrBrian Lenihan Jnr (Dublin West, Fianna Fail)
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I have requested the Financial Regulator to carry out this Strategic Review of the Credit Union Sector in Ireland. The Project is being managed by the Registrar of Credit Unions and my officials are liaising closely with him in relation to the project. With regard to progress, the Registrar has received expressions of interest and has issued an invitation to tender to a short-list of tenderers. It is anticipated that the selection process will be completed by June 2010 and work will begin shortly thereafter. I expect to have a report on the full project by end-March 2011.

The scope of the review has been agreed with my Department. The review will include a financial review and a risk analysis of the credit union sector, an examination of the external support mechanisms required for the protection of members' savings, governance and competency standards and the regulatory and legislative framework. The impact of current and emerging consumer protection requirements, other European Union legislation and services on offer by credit unions will also be included in the review.

In relation to the further development of the credit union sector, the outcomes for this project are to develop proposals and make recommendations for a modern operational model for credit unions, supported by an appropriate and enabling legislative and regulatory framework. This framework must reflect the needs of credit unions and of their members. It should be able to support the development of the movement into the future.

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