Vol. 492 No. 2
40 Ms O'Sullivan asked the Minister for Finance if the working group dealing with the role of the Central Bank in banking regulation has met; if so, the dates of these meetings; the nature of the deliberations; and when he expects to bring forward proposals on the matter. [13709/98]
55 Mr. D. Carey asked the Minister for Finance if he has received the report of the working party on the adequacy of consumer protection of bank customers; when he will publish the report; and the action, if any, he will take arising from it. [13642/98]
I intend to take Questions Nos. 40 and 55 together.
As I have previously advised the House, in response to the significant public concern about certain of the activities of particular banks and indeed the banking industry generally, I decided to establish a working group of representatives from my Department, the Department of the Taoiseach, the Department of Enterprise, Trade and Employment, the Central Bank, the Office of the Director of Consumer Affairs and the Office of the Attorney General, with the task of investigating the law and practice governing the provision of financial services in Ireland and the impact this has on consumers. In this regard, the group is undertaking an assessment of the laws relating to both the role of the Director of Consumer Affairs and the role of the Central Bank, including the procedures used to give effect to these roles, with a view to identifying the impact of these on consumers and, in particular, to identify if there are gaps in consumer protection that need to be filled. The group has also been asked to consider what steps may be required to increase the public understanding of the regulatory systems, including the manner of their implementation.
I understand that the group has met on four separate occasions to date on 3, 8 and 24 April and on 3 June. A further meeting is scheduled for Thursday, 11 June. I have been advised that significant progress has been made and that the group is near to completion of its report. When I receive the report, I will consider the question of its publication and whatever action may be required on foot of its findings.
