Richard Boyd Barrett (Dún Laoghaire, People Before Profit Alliance)
Link to this: Individually | In context | Oireachtas source

67. To ask the Minister for Finance if the issue of shadow banking here was discussed at the meeting of EU Finance and Economic Ministers that he attended last week; and if he will make a statement on the matter. [23986/13]

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

Shadow banking was not discussed at the ECOFIN meeting of EU Finance and Economic Ministers on 14 May.

The agenda dealt with Banking Recovery and Resolution; the draft Budget; Savings Taxation agreements with third countries; tax evasion and fraud; macroeconomic imbalances; Economic and Monetary Union, including the introduction of a Convergence and Competitiveness Instrument and ex ante economic policy reforms; and discussions on G20 Finance Ministers and Governors (18-19 April) and IMF/World Bank.

The Commission will in summer 2013, as a follow up to their Green Paper of March 2012, and the international work coordinated by the Financial Stability Board, address the systemic problems related to shadow banking. My Department is awaiting the publication of the Commission’s proposals and will engage fully with efforts to improve regulation of shadow banking.