Denis Naughten (Roscommon-South Leitrim, Independent)
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187. To ask the Minister for Finance if he will list the regulators which are accountable to his Department; the administrative cost of operating each regulator in 2012; the accommodation costs and the number of staff employed; the total income and expenditure in 2012 for each regulator; his plans to amalgamate some regulatory offices and to amalgamate some regulatory processes; and if he will make a statement on the matter. [27501/13]

Michael Noonan (Limerick City, Fine Gael)
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In response to the Deputy's Question details in respect of regulators which are accountable to my Department are as follows:

Central Bank of Ireland

The Central Bank of Ireland is responsible for the regulation of most financial service providers and funds in Ireland. A statutory objective set out in the Central Bank Reform Act 2010 requires the Bank to carry out '…the proper and effective regulation of financial service providers and markets, while ensuring that the best interests of consumers of financial services are protected'.

The Bank's Financial Regulation Directorates receive various services including premises, human resources administration, accounting, internal audit, statistical and information technology services from support services directorates in the Central Bank. The cost of these services in 2012 was €38.2 million.

At the end of 2012, 686 of the Central Bank's staff were assigned to financial regulation activities. Total income for 2012 was €120.029 million and total expenses for 2012 were €110.641 million. In the context of the Public Service Reform Plan a critical review was undertaken of the possible integration of the regulatory function of the Pensions Board with the Central Bank. The review recommended against absorbing the functions of the Pensions Board into the Central Bank.

Registry of Credit Unions

The Registry of Credit Unions (RCU) is responsible for the registration, regulation and supervision of credit unions. In recognition of the unique nature of credit unions, a statutory position of Registrar of Credit Unions was explicitly created within the Central Bank of Ireland to assume responsibility for the regulation of credit unions. Under the Credit Union Act 1997 (as amended) the functions of the Registrar of Credit Unions are to regulate credit unions with a view to the:

- Protection by each credit union of the funds of its members; and the

- Maintenance of the financial stability and well-being of credit unions generally.

The Registry of Credit Unions aim is to promote a financially stable credit union sector that operates in a transparent and fair manner and safeguards its members' funds. It uses a combination of off-site analysis and on-site inspections in carrying out the regulatory process.

The number of staff engaged in the work of the Registry of Credit Unions in 2012 was 61.7.