Sir, - On behalf of the Standing Committee of European Central Bank Unions (SCECBU) I wish to record our dismay at the reports, received from our Irish colleagues, concerning developments relating to the Implementation Advisory Group considering the issue of a Single Regulatory Authority for Ireland.
The process of finding the best structure to provide consumer-oriented prudential supervision is far more important than the desire of any one organisation to protect its task environment or the desire of another to be rid of a troublesome duty.
Naturally SCECBU believes that central banks are in the best position to provide prudential supervision services, a point which we have made to the European Parliament's sub-committee on monetary affairs on April 19th, 1999.
We would also point out that central banks are responsible, either directly or indirectly, for financial supervision in the vast majority of European countries. That said, we believe that broad and informed public debate on this issue is essential, and we respect the right of each jurisdiction to find its own solution to this question.
It is regarding the apparent absence of debate on this issue that we wish to comment. What are the views of the Irish politicians, consumer groups, industry groups and media on his issue? Why has there been no public discussion on the appropriate structure for Ireland? Can it be that in Ireland such matters of importance to every citizen can be decided without debate? - Yours, etc., F. Vanderschelde,
President of the Standing Committee of European Central Bank Unions, Brussels, Belgium.