The working group on financial services established in the wake of the recent banking controversies is due to report in "a matter of weeks", the Minister of State for Finance, Mr Martin Cullen, said yesterday.

The group is assessing the law in relation to the roles of the Director of Consumer Affairs and the Central Bank.

Mr Cullen said the Central Bank governor, Mr Maurice O'Connell, had written to the Minister for Finance, Mr McCreevy, confirming its investigation into the sale of Isle of Man bonds by National Irish Bank had concluded, but that he was precluded by law from revealing the findings. Mr O'Connell reiterated comments made in a previous letter concerning supervisory issues arising out of the McCracken tribunal, whereby he advised that the board of the Central Bank was satisfied its legal powers "are generally adequate".

Speaking in the Seanad, Mr Cullen said that, after the completion of the bank's current NIB investigation, the governor would write again and advise Mr McCreevy if he wished to revise his opinion.