Oireachtas Joint and Select Committees

Thursday, 11 May 2017

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach

Central Bank and Financial Services Authority of Ireland (Amendment) Bill 2014 [Private Members]: Committee Stage

9:30 am

Photo of Michael McGrathMichael McGrath (Cork South Central, Fianna Fail) | Oireachtas source

I thank the Minister for his response. I acknowledge his core point that the rectification can be 100% of the loss and that the compensation is in addition to that. The amendment does not require the council to increase the compensation limit. Rather, it provides that there would be an annual review. The Minister has stated that his Bill provides for a possible increase in the compensation limit. I make the point again that we are not examining the Government Bill. Rather, we are examining Deputy Doherty's and seeking to improve it as best we can. It is ahead of the Government Bill in the queue and where everything will end up is unknown.

I take the Minister's key point that the loss can be rectified in full and that the compensation is, in effect, additional to that. As such, I will withdraw the amendment, but I reserve the right to retable it on Report Stage.

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