The Government is preparing legislation to create a single financial regulator, the Minister for Finance Mr McCreevy said today.
The new authority - the Irish Financial Services Regulatory Authority (IFSRA) - will operate within an overall structure to be known as the Central Bank and Financial Services Authority of Ireland.
This structure will be chaired by the governor of the Central Bank with the IFSRA having independent functions, including its own chairperson, board and chief executive.
Speaking at the Finance Dublin Conference in Dublin today, Mr McCreevy said the Government has now approved the text of the Central Bank and Financial Services Authority of Ireland Bill 2002, which will be published soon.
The Minister said the Bill is designed to keep the best of the existing Irish system, while moving towards a "one-stop-shop" approach to financial services regulation.
