The Departments of Finance and of Enterprise, Trade and Employment are deeply divided over the make-up and location of the proposed new financial regulator, according to the current issue of Finance magazine. Submissions made to the advisory group, which is chaired by Mr Michael McDowell, reveal that Department of Finance officials continue to favour the Central Bank, saying that "there is no reason" why it could not carry out a consumer protection function. Enterprise, Trade and Employment believes that "renewal of public confidence requires the creation of a new body totally dedicated to the regulation of financial services and consumer protection".

The Department of Finance states that, in its view, a "proposed restructuring of the Central Bank will address the need for change while preserving what is working well".