Carol Nolan (Laois-Offaly, Independent)
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224. To ask the Minister for Finance the number of times the financial stability group within his Department has met; the membership of the group; the issues discussed during the period from March 2022, to date; and if he will make a statement on the matter. [5336/23]

Michael McGrath (Cork South Central, Fianna Fail)
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The Financial Stability Group (FSG), met for the first time in January 2017. The number of meetings held since the formation of the Financial Stability Group (FSG) since 2017 is listed below:

The FSG normally meet bi-monthly but can meet more often if required.  

The formal members of the Group are:

- Department of Finance: Secretary General and Assistant Secretary, Banking Division;

- Central Bank of Ireland:  Governor, Deputy Governor, Financial Regulation; Deputy Governor, Monetary and Financial Stability and Director of Financial Stability;

- National Treasury Management Agency: CEO and Director, Funding and Debt Management.

Other senior management from the Department, the Central Bank and the NTMA attend on a regular basis and there is scope for individuals from other Departments or agencies to attend FSG meetings depending on the agenda items discussed.

The topics discussed by the FSG generally have a medium-term focus of impacts on financial stability. The Group considered a wide range of topics since March 2022, of which the most significant were: 

- Financial impact of Covid

- Cyber threats

- Distressed debt

- Ukraine

- Operation of the FSG Crisis Coordination framework

- IMF Financial Sector Assessment Programme

- Withdrawal of retail banks  

- Sanctions issues

- Retail banking review

- Credit Unions

- Central Bank’s 2022 Financial Stability Reviews

- Energy security issues