Michael McGrath (Cork South Central, Fianna Fail)
Link to this: Individually | In context

Question 69: To ask the Minister for Finance the changes he has made to the banking policy division of his Department since taking over as Minister; and if he will make a statement on the matter. [33702/11]

Michael Noonan (Limerick City, Fine Gael)
Link to this: Individually | In context

My Department works in close liaison with all relevant agencies, particularly the Central Bank and the NTMA, in relation to banking sector issues. The Government, in March 2011, approved the appointment of Mr John Moran at Second Secretary level in the Department, on secondment from the Central Bank, to oversee the Banking Division. In June 2011, following a TLAC competition, Mr Neil Ryan was appointed at Assistant Secretary level in the Banking Division of the Department. In August 2011, the NTMA Shareholder Management Unit, lead by Mr Michael Torpey, moved into the Department of Finance to enhance the oversight of the Banking Division.

A financial markets training programme was initiated in September 2011 to enhance the general understanding and awareness of the financial markets within the Department of Finance. The programme delivery is led by a Professor of Finance from DCU who has delivered similar courses at the Central Bank as well as the Dutch National Bank.

In addition, the establishment of a financial stability unit within the Banking Division to examine systemic risks across the financial sector, and their interaction with macroeconomic factors, should enhance the focus and analysis in this area. The financial stability team will work closely with the Economic Policy, Forecasting and Analysis Unit as well as the Central Bank's financial stability team and the NTMA to try to provide a co-ordinated approach towards this important theme.