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Opinion of the European Central Bank of 16 July on new measures strengthening supervision and enforce in financial regulation

The Minister for Finance has welcomed the publication of the opinion of the European Central Bank (ECB) on new measures strengthening supervision and enforcement in financial regulation which will be introduced at committee stage of the Central Bank (Supervision and Enforcement) Bill 2011.

The opinion states that “the ECB notes the robust nature of the new measures and welcomes the draft law as enhancing the supervisory and enforcement tools available to the Central Bank of Ireland”.

The Minister said today, “I welcome the publication of the ECB’s opinion on new measures strengthening supervision and enforcement in financial regulation which will be introduced at committee stage of the Central Bank (Supervision and Enforcement) Bill 2011. The ECB welcomes that the draft amendments address several specific issues raised by the ECB in their opinion of 9 September 2011 on the published Bill and recognises the progress being made by the Government towards strengthening the effectiveness of financial regulation in Ireland. I wish to work closely with the ECB to ensure the best possible reform of the structures of the Central Bank of Ireland and this opinion is an important part of that process”.

Under the relevant European Treaty provisions, the ECB must be consulted on proposed legislative changes to the national central banks within the European System of Central Banks (ESCB) to ensure that the proposals are consistent with the rules governing the ESCB.

The Government’s intention is that the Central Bank (Supervision and Enforcement) Bill 2011 will proceed through the Houses of the Oireachtas during the autumn legislative session.