Brendan Howlin (Wexford, Labour)

I move amendment No. 56:

In page 14, before section 23, to insert the following new section:

26.—The Insurance Act 1953 is amended—

(a) in subsection (1) (inserted by section 1 of the Insurance Act 1983) of section 2, by the insertion of "and the Minister for Public Expenditure and Reform" after "Minister for Finance",

(b) in subsection (1A) (inserted by section 2 of the Insurance Act 1969) of section 2, by the insertion of "and the Minister for Public Expenditure and Reform" after "Minister for Finance",

(c) in subsection (4) of section 2, by the substitution of "shall, with the approval of the Minister for Public Expenditure and Reform, be advanced by the Minister for Finance" for "shall be advanced",

(d) in subsection (7) of section 2, by the insertion of "given after consultation with the Minister for Public Expenditure and Reform" after "directions of the Minister for Finance", and

(e) in subsection (1) of section 3, by the insertion of ", with the consent of the Minister for Public Expenditure and Reform," after "may".".

This amendment deals with export credit insurance. The amendment to section 2(1) of the Insurance Act 1953, as inserted by section 1 of the Insurance Act 1983, provides that for the purposes of encouraging the exportation of goods and the provision of such services as are specified by order, the line Minister, with the consent of the Minister of Finance and the Minister with responsibility for public expenditure and reform, may make arrangements for giving guarantees in connection with the export and manufacture, treatment and distribution of goods and the provision of services or any other matter conducive to that purpose. The amendment to section 2(1)(a) of the Insurance Act 1953 provides that the line Minister, with the consent of the Minister for Finance and the Minister with responsibility for public expenditure and reform, may make arrangements for giving guarantees in respect of the rendering of services to which this subsection applies.

The amendment to section 2(4) of the Insurance Act 1953 provides that any amount required to meet a liability incurred by the line Minister under the section shall, with the approval of the Minister with responsibility for public expenditure and reform, be advanced by the Minister for Finance out of the Central Fund and shall be repaid to the Central Fund from moneys provided by the Oireachtas. The amendment to section 2(7) of the Insurance Act 1953 provides that all moneys received by the line Minister in pursuance of arrangements made under this section shall be paid into or disposed of for the benefit of the Exchequer in accordance with the direction of the Minister for Finance given after consultation with the Minister with responsibility for public expenditure and reform.

The amendment to section 3(1) of the Insurance Act 1953 provides that the line Minister shall cause to be prepared in such form as the Minister for Finance may, with the consent of the Minister with responsibility for public expenditure and reform, direct the accounts of the receipts and expenditure of each financial year in respect of arrangements under section 2 of the Act.

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