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

Question 129: To ask the Minister for Finance if he has discussed the issue of financial regulation with other Heads of State or Government. [28451/11]

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

The Deputy will be aware that the topic of financial regulation is a regular feature on the agendas for both ECOFIN Council and meetings of Heads of State and Government. Financial regulation issues have, as the EU has worked to address the financial crisis in recent times, featured even more prominently in our discussions. As the Deputy will also be aware, a comprehensive programme of regulatory reform in the financial sector is already underway at domestic, international and EU levels. For its part, the European Commission has proposed a wide range of regulatory reforms to the financial sector and one of key roles of the ECOFIN Council is to adopt such proposals in co-decision with the European Parliament.

In addition to discussions that I have with my colleagues in ECOFIN and discussions that the Taoiseach has at meetings of the European Council, my Department is engaged actively in this regulatory reform agenda in relevant international fora. It is a key objective of my Department to transpose all EU legislation in good time to ensure that both the Central Bank and industry are well placed to implement new regulatory requirements.