Results 6,701-6,720 of 19,445 for speaker:Brian Cowen

Markets in Financial Instruments and Miscellaneous Provisions Bill 2007: Committee Stage (17 Oct 2007)

Brian Cowen: It remains a definition of a financial contract by expanding the range of financial contracts that may be covered by the Netting of Financial Contracts Act. I do not have a more detailed note on this but can get one for the Deputy on Report Stage.

Markets in Financial Instruments and Miscellaneous Provisions Bill 2007: Committee Stage (17 Oct 2007)

Brian Cowen: I am reliably advised that it is.

Markets in Financial Instruments and Miscellaneous Provisions Bill 2007: Committee Stage (17 Oct 2007)

Brian Cowen: The financial contracts now incorporated by way of updating our definitions under the Netting of Financial Contracts Act 1995 are set out in the section. That is only ten years old. There has been significant innovation in this area such as interest rate contracts, which are one or more of single currency interest rate swaps, forward rate agreements, and interest rate futures. There is a...

Markets in Financial Instruments and Miscellaneous Provisions Bill 2007: Committee Stage (17 Oct 2007)

Brian Cowen: I move amendmentNo. 6: In page 11, paragraph (a), line 33, to delete "after section 3" and substitute "before section 4". These amendments contain two technical drafting corrections which are required in section 12.

Markets in Financial Instruments and Miscellaneous Provisions Bill 2007: Committee Stage (17 Oct 2007)

Brian Cowen: I move amendmentNo. 7: In page 12, line 2, to delete "subsection (3)" and substitute "subsection (1)".

Markets in Financial Instruments and Miscellaneous Provisions Bill 2007: Committee Stage (17 Oct 2007)

Brian Cowen: Section 12 is a technical amendment to secure Oireachtas approval for a simplification of the State ownership structure of Icarom plc, under administration, by removing the holding company Sealúchais Árachais Teoranta, SAT, from the structure. When the Insurance Corporation of Ireland, ICI, got into difficulties in March 1985 an administrator was appointed to place the company on a sound...

Markets in Financial Instruments and Miscellaneous Provisions Bill 2007: Committee Stage (17 Oct 2007)

Brian Cowen: The purpose of the change is to allow for a rationalisation of the current structure under which the remaining business of ICI is administered. The direct effect of the inclusion of this amendment would be to allow me to wind up the SAT holding company. That acts as a holding company for another company called Icarom, which in turn administers the remaining insurance business of the former...

Markets in Financial Instruments and Miscellaneous Provisions Bill 2007: Committee Stage (17 Oct 2007)

Brian Cowen: The amendment seeks to insert "section 26 of the Central Bank and Financial Services Authority of Ireland Act 2003" after the words "Central Bank Act 1942". I have already stated that I have been advised that amendments such as these are unnecessary. The Central Bank Act 1942 was amended on numerous occasions, not just by section 26 of the Central Bank and Financial Services Authority of...

Markets in Financial Instruments and Miscellaneous Provisions Bill 2007: Committee Stage (17 Oct 2007)

Brian Cowen: Section 13(a) and (b) will give the Financial Regulator a legal right, subject to EU confidentiality constraints, to disclose confidential information to the National Consumer Agency for the performance of the agency's functions as provided for in the Consumer Protection Act 2007. Section 13(c) extends the deadline for submission of its annual budget by the Financial Regulator from the end...

Markets in Financial Instruments and Miscellaneous Provisions Bill 2007: Committee Stage (17 Oct 2007)

Brian Cowen: I am providing for one month extra, given the complexities involved.

Markets in Financial Instruments and Miscellaneous Provisions Bill 2007: Committee Stage (17 Oct 2007)

Brian Cowen: It is true that they have a good relationship. If an issue arose in the normal course of events that the ombudsman felt the regulator should know about, the ombudsman would inform him. This section seeks to underpin his independence. It is not a question that he be spoken to by the Financial Regulator. It is part of the need to reinforce the independence of these ombudsmen from other...

Markets in Financial Instruments and Miscellaneous Provisions Bill 2007: Committee Stage (17 Oct 2007)

Brian Cowen: I cannot accommodate this suggestion at such short notice. I have not yet received any correspondence from the Financial Services Ombudsman on this issue. However, I also read the reports in question and it is clear a judicial review took place of a decision made by the ombudsman as to how wide an application a recommendation in respect of a specific incident he investigated would have....

Markets in Financial Instruments and Miscellaneous Provisions Bill 2007: Committee Stage (17 Oct 2007)

Brian Cowen: All actions are subject to judicial review, if necessary, by affected parties. They go before the courts, which decide on what is the issue on the merit of the case.

Markets in Financial Instruments and Miscellaneous Provisions Bill 2007: Committee Stage (17 Oct 2007)

Brian Cowen: Many decisions go in favour of the ombudsman, while others may not. In fairness, not many are challenged. As Deputy Burton noted, he has been highly active and has been building a good reputation regarding the assiduousness with which he follows up cases on behalf of citizens. I have much time for the gentleman personally. This issue must be looked into and checked carefully before one can...

Markets in Financial Instruments and Miscellaneous Provisions Bill 2007: Committee Stage (17 Oct 2007)

Brian Cowen: I propose to take amendments Nos. 9 to 15, inclusive, together and to accept them, thereby amending section 14 of the Bill, which provides for a number of amendments to the legislation covering the National Treasury Management Agency. The amendments change the technical legal references to the legislation being amended and I am advised they are acceptable. As for acceptance of these...

Markets in Financial Instruments and Miscellaneous Provisions Bill 2007: Committee Stage (17 Oct 2007)

Brian Cowen: As the Deputy noted, sections 14(a) to 14(c) amend section 18 of the Act under which the National Treasury Management Agency provides a deposit-taking and lending facility known as the central treasury service to local authorities and non-commercial semi-State bodies, which are designated by the Minister for Finance with the approval of the relevant Minister. The purpose of the central...

Markets in Financial Instruments and Miscellaneous Provisions Bill 2007: Committee Stage (17 Oct 2007)

Brian Cowen: The section deals with the fact that we are extending existing treasury services to these public bodies in addition to bodies that have already benefitted from them. The question being raised now is a wider policy issue. The NTMA has statutory independence under its own Acts and was removed from the aegis of the Department and given operational autonomy. This was for a good reason and its...

Markets in Financial Instruments and Miscellaneous Provisions Bill 2007: Committee Stage (17 Oct 2007)

Brian Cowen: I will give a detailed reply to the Deputy's points on Report Stage. The point is to provide competitive banking services. There are local authorities which bank outside the NTMA. The State bodies that have already made use of these facilities have seen that it is a good way of providing these services. Many of them find it more comfortable to deal with the NTMA, as the philosophy and...

Markets in Financial Instruments and Miscellaneous Provisions Bill 2007: Committee Stage (17 Oct 2007)

Brian Cowen: While a request for an update on the health capital programme would be best directed to the Minister for Health and Children, we passed legislation a couple of years ago at my initiative where the NDFA became the centre of excellence for PPP provision across Departments, and it is interesting that Deputy Burton is supportive of that PPP proposal. At the end of the day the NDFA gives the...

Markets in Financial Instruments and Miscellaneous Provisions Bill 2007: Committee Stage (17 Oct 2007)

Brian Cowen: I can enlighten the Deputy in the House in how it is expected these amendments will work in terms of enhancing or widening the numbers of bodies to which the central treasury service of the NTMA will apply in the future. The opportunity cannot be used for me to reply to a parliamentary question.