Andrew Doyle (Wicklow, Fine Gael)
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224. To ask the Minister for Finance if he will provide an update on the European Commission's plans to regulate the shadow banking sector; and if he will make a statement on the matter. [38243/13]

Michael Noonan (Limerick City, Fine Gael)
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The European Commission published a communication on Shadow Banking on 4 September, as a follow up to its Green Paper of March 2012. The communication outlines a number of priorities where the Commission intends to take initiatives, such as transparency of the shadow banking sector, establishment of a framework for money market funds, reform of rules for undertakings for collective investment in transferable securities, securities law and risks associated with securities financing transactions (principally securities lending and repurchase transactions) and establishment of a framework for interactions with banks. My Department is examining the communication and will engage fully with efforts to improve shadow banking regulation. The communication can be accessed at .