Taxpayer plugging €58m hole in financial regulation: Doherty
Sinn Féin Finance Spokesperson Pearse Doherty TD has said the taxpayer is plugging a €58m hole in the cost of financial regulation.
Speaking today Deputy Doherty said:
“In a follow up letter in reply to questions I raised at a recent Finance Committee the Central Bank Governor Patrick Honohan has confirmed that of the regulatory cost of €128m a full €57.9m was unrecovered from industry. The time has come for Minister Noonan to tell the financial services industry that it must pay for its upkeep.
“This effectively means the taxpayer is picking up the tab for regulating the financial industry. That is an unacceptable way for such an important and profitable industry to be regulated.
“The Governor goes on to list sectors that only contribute 50% of the regulatory costs. These include Insurance Undertakings, Securities and Investment Firms, Investment Funds and Investment Fund Service Providers and Moneylenders. We are talking about some businesses with turnovers in the millions if not billions.”