asked the Minister for Finance if the Government has now decided to introduce proposals for legislation to amend the Central Bank Act, 1942, in order that the Oireachtas will be in a position to ensure the more effective application of national financial policies.

The need for legislation of the kind indicated in the question has not been established. The answer accordingly is in the negative.

Do I understand from that reply that the need for legislation does not arise?

That is the reply. It is stated that it has not been established that the need is there.