Seven vie to be head of financial regulatory agency

Interviews for the chief executive of the new Irish financial services regulator begin today. It is understood seven candidates are vying to head the Irish Financial Services Regulatory Agency which is due to come into being next February.

The new authority will regulate the State's banks, building societies, insurance companies, investment intermediaries, stockbrokers, financial exchanges and credit unions.

It will take over staff and functions from a variety of agencies including the Department of Enterprise, Trade and Employment, the Office of the Director of Consumer Affairs and the Central Bank itself, although the new agency will work within a restructured Central Bank.

The new chief executive is expected to be in position by the end of the year to help select the director for consumer protection and other senior executives who will lead the 270-strong body, which is likely to have an annual budget in excess of €20 million.

Funding for the authority has yet to be decided although it is thought likely that it will be financed through a levy on the institutions it regulates.

It is also understood that the Central Bank is likely to receive new powers allowing it to talk directly with Revenue Commissioners over specific matters relating to concerns about tax evasion. To date, the Central Bank has had to liaise with Revenue through the Garda.

The Minister for Finance, Mr McCreevy is thought likely to table amendments to the Central Bank and Financial Services Authority of Ireland Bill currently going through the Oireachtas facilitating the change, which should streamline the pursuit of tax cheats.

The new authority, under the chairmanship of Mr Brian Patterson - who is also chairman of The Irish Times Ltd - will have responsibility for both consumer protection and financial stability.