Joan Burton (Dublin West, Labour)
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Question 194: To ask the Minister for Finance the State agencies under the aegis of his Department to which the 2009 code of practice for the governance of State bodies applies; if all these agencies have submitted assurances and reports confirming compliance with the code in 2009; and if he will make a statement on the matter. [25675/10]

Joan Burton (Dublin West, Labour)
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Question 195: To ask the Minister for Finance if he has reviewed the compliance by State bodies that come under his remit with the code of practice for the governance of State bodies; if he will name the State bodies that have not achieved full compliance and the reason for same; the action taken by his Department and the results of same; and if he will make a statement on the matter. [25676/10]

Brian Lenihan Jnr (Dublin West, Fianna Fail)
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I propose to take Questions Nos. 194 and 195 together.

As regards the bodies under the aegis of my Department, the following is the position in relation to compliance with the Code of Practice for the Governance of State Bodies.

National Treasury Management Agency

The National Treasury Management Agency's legal structure does not follow the general semi-state model in all respects. The National Treasury Management Agency is currently carrying out a detailed review of how the code can be adapted to the specific structure of the Agency and its associated bodies.

An Post National Lottery

The National Lottery Company, which operates the National Lottery under a licence issued by the Minister for Finance, is a subsidiary of An Post, which is under the aegis of my colleague, the Minister for Communications, Energy and Natural Resources. Corporate Governance of the National Lottery Company is a matter, in the first instance, for the Board of the Company and are overseen by An Post as parent company and the Department of Communications, Energy and Natural Resources as parent Department. The annual reports of the National Lottery Company for each of the years 2007, 2008 and 2009 confirm that the Company is fully compliant with the Code of Practice for the Governance of State Bodies.

Anglo Irish Bank

The Bank has confirmed in its annual report for 2009 that during 2009 the bank adopted the Code of Practice for the Governance of State Bodies and is working with my Department towards full compliance. Compliance with the code is currently being reviewed by the Department. It is likely that some elements of the code will be superseded by other reporting requirements.

Financial Services Ombudsman Council and Financial Services Ombudsman's Bureau

The Financial Services Ombudsman's Bureau have confirmed that both it and the Financial Services Ombudsman Council are compliant with the Code of Governance of State Bodies.

Irish Financial Services Appeals Tribunal

The Financial Services Appeals Tribunal have confirmed that they have a code of conduct in place which is compliant with the Code of Governance of State Bodies.

While within the current statutory provisions, the Central Bank and Financial Services Authority of Ireland are independent of the Minister for Finance in this area, I understand that the Board of the Central Bank and the Regulatory Authority have adopted codes of practice which reflect the document prepared by my Department.

Joan Burton (Dublin West, Labour)
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Question 196: To ask the Minister for Finance the reason the Financial Regulator is not subject to the Code of Practice for the Governance of State Bodies; his plans to change this in the upcoming legislative and regulatory reforms being planned; and if he will make a statement on the matter. [25677/10]

Brian Lenihan Jnr (Dublin West, Fianna Fail)
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In accordance with the Central Bank Act 1942 (as amended), the Treaty of Rome and the Statute of the European System of Central Banks, the Irish Financial Services Regulatory Authority as a constituent part of the Central Bank and Financial Services Authority of Ireland is an independent body and not subject to direction by the Minister for Finance in this regard. The Central Bank Reform Bill 2010 creates a single, fully-integrated Central Bank with a unitary board chaired by the Governor of the Central Bank. New and more transparent arrangements for the accountability of the Central Bank to the Minister for Finance and the Oireachtas will facilitate a more thorough and regular examination of the financial regulatory authorities including the extent to which they conform to best practice in relation to governance. However, I understand that the board of the Central Bank and the Regulatory Authority have adopted codes of practice which reflect the Code of Practice for the Governance of State Bodies prepared by my Department.