Michael McGrath (Cork South Central, Fianna Fail)
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Question 55: To ask the Minister for Finance if he will require the formal consent of another Minister in addition to normal Cabinet clearance for any public funding to be allocated to financial institutions. [5200/11]

Michael Noonan (Limerick City, Fine Gael)
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The allocation of public funding to financial institutions will follow normal cabinet clearance procedures.

However, the Deputy may also be enquiring about the formal role of the Minister for Public Expenditure and Reform. It is intended that the Minister for Finance will retain responsibility for overall budget, tax and spending parameters while the Minister for Public Expenditure and Reform will be responsible for managing public expenditure within the overall envelope set by the Minister for Finance. The transfer of Public Expenditure and Reform functions from the Department/Minister for Finance to the Department/Minister for Public Expenditure and Reform will require primary legislation. The precise functions and responsibilities which are being transferred to the new Department/Minister will be clearly identified in the legislation to ensure that there is a sound legal basis underpinning the new Department and Ministerial responsibilities, as well as providing clarity of roles and responsibilities. The preparation of this legislation is being afforded high priority by the Office of the Parliamentary Counsel and the Bill will be presented to this House at the earliest possible date.

I can assure the Deputy that both the Minister for Public Expenditure and Reform and I are anxious to ensure that there is a high level of information sharing between the two offices.