19. (1) The Ombudsman shall, not later than 3 months before the beginning of each financial year, or within such extended period as the Council may allow—

(a) arrange for the preparation of a statement setting out estimates of the income and expenditure of the office of the Ombudsman for that year, and

(b) submit the statement to the Council for approval.

(2) The statement referred to in subsection (1) shall—

(a) specify the amounts expected to be collected and recovered during the financial year concerned from the imposition of the financial services industry levy,

(b) specify the amount of proposed funding by the Oireachtas to be agreed by the Minister,

(c) set out the proposed financial services industry levy for that year,

(d) set out the expected expenses to be paid out of moneys provided by the Oireachtas for that year, and

(e) specify any other sources from which funds are expected to be obtained during that year to finance the carrying out of the functions of the Ombudsman and the amounts expected to be raised from those sources.

(3) Before submitting the statement referred to in subsection (1) to the Council for approval, the Ombudsman shall provide the Council with particulars of the estimates referred to in subsection (2) and, as soon as practicable after being provided with those particulars, the Council shall give the Ombudsman its views on those estimates.