Pearse Doherty (Donegal, Sinn Fein) | Oireachtas source

There is no issue with amendment No. 13, which is a technical amendment to Schedule 2 of the Central Bank Act. On amendment No. 14, I understand that it means the ombudsman cannot rule that an insurer has to pay out, under sections 7 and 15, proportional remedies even above and beyond the normal limits that apply to the FSPO. The Minister of State might confirm if that is the correct interpretation of amendment No. 14. Amendment No. 15 is technical. Amendment No. 16 is not technical. It deletes the powers of the Central Bank to make regulations and is connected with the deletion of section 4 of the Bill. I am aware that the Minister of State has indicated that the Central Bank is expected to publish a review of the consumer protection code with a view to putting it on a legislative basis. Although that would be welcome, I do not believe that section 4 should be deleted.

If the section is retained, we should have section 3(2) as well. All this does is allow the Central Bank to issues codes of practice if it thinks it would be helpful. If we delete it, we remove the possibility of the Central Bank issuing the code of practice under this law. That issue should not be dealt with.