The Government is to commission a major study to benchmark the Republic's key regulatory authorities, including the Financial Regulator, against their international counterparts in order to establish their effectiveness.

"There are certain gaps in our knowledge about the performance of these regulatory structures and their continued appropriateness in the face of the evolution of relevant sectoral markets," said Taoiseach Bertie Ahern.

Addressing the International Financial Services Industry's annual lunch yesterday, Mr Ahern said that the study would commence following a recruitment process for independent experts, which he launched yesterday.

The Taoiseach also launched a report from the Expert Group on Future Skills Needs on the Irish financial services sector yesterday.

The report highlights a need for certain specialised knowledge in the sector including quantitative and mathematics skills, knowledge of compliance and risk management and actuarial skills.

It also says that the manner in which education and training is delivered needs to be addressed to ensure that it is in line with industry needs.

Alternative sources of labour, such as returning parents, school leavers and migrants, also need to be identified.

The expert group's report on skills needs also recommends the introduction of "a flexible and attractive immigration system that minimises the burden on both individuals and their employers". Mr Ahern said that the time was right for the Government and industry to work together to act on the recommendations of the report.