Results 61-80 of 16,537 for speaker:Brian Lenihan Jnr

Seanad: Adjournment Matter. - Child Abuse. (26 Mar 2003)

Brian Lenihan Jnr: I thank Senator Terry for giving me the opportunity to discuss waiting times at St. Louise's assessment and treatment service at Our Lady's Hospital for Sick Children in Crumlin. I am in a position to respond to the matters raised by the Senator. St. Louise's unit is one of two units in the eastern region where children are assessed and treated following an allegation of sexual abuse....

Seanad: Adjournment Matter. - Child Abuse. (26 Mar 2003)

Brian Lenihan Jnr: It was comprehensive, which is not always the case. The Seanad adjourned at 8.40 p.m. until 10.30a.m. on Thursday, 27 March 2003.

Seanad: Central Bank and Financial Services Authority of Ireland Bill 2002: Second Stage. (27 Mar 2003)

Brian Lenihan Jnr: This Bill is concerned with the supervision and regulation of the financial services industry in Ireland. The financial services industry plays a major role in the economy, giving as it does direct employment to about 50,000 people and providing the wide range of services and products that are so vital in a modern economy. As the industry has changed and grown during the years, there have...

Seanad: Central Bank and Financial Services Authority of Ireland Bill 2002: Second Stage. (27 Mar 2003)

Brian Lenihan Jnr: I thank Senators for their contributions on Second Stage and the interest they have shown in the Bill which allows for the continuation of this country as an attractive and soundly regulated location for the financial services industry. I accept that it is a complex and technical measure. In that respect I have sympathy with Senator Quinn's comments. I will deal with that issue. The Bill will...

Seanad: Adjournment Matter. - Hospital Services. (27 Mar 2003)

Brian Lenihan Jnr: I thank Senator Scanlon for providing me with the opportunity to clarify, on behalf of the Minister for Health and Children, the position on renal services at Sligo General Hospital. I also acknowledge what was said by Senator Feighan. The Minister has identified renal services as among the main acute hospital services for priority development. He has provided additional funding of over €15...

Seanad: Central Bank and Financial Services Authority of Ireland Bill 2002: Committee Stage. (2 Apr 2003)

Brian Lenihan Jnr: I would not wish to accuse Senator Phelan of superfluity and redundancy, but I am not disposed to accepting the amendment. He has suggested that a review of the operation of the Bill take place and that the results of this should be presented to the Oireachtas within a two-year period after the commencement of the legislation. The Minister for Finance indicated at an earlier stage that any...

Seanad: Central Bank and Financial Services Authority of Ireland Bill 2002: Committee Stage. (2 Apr 2003)

Brian Lenihan Jnr: The Senator has returned to his main criticism of the Bill, which relates to the combination of the prudential regulation function and the consumer protection function in one authority. The amendment proposes to change section 5A of the principal Act – the Central Bank Act 1942 – which provides for the general functions and powers of the bank. It is important to note that the...

Seanad: Central Bank and Financial Services Authority of Ireland Bill 2002: Committee Stage. (2 Apr 2003)

Brian Lenihan Jnr: Having studied the Bill, before it came to Seanad Éireann and during its passage, I can well understand the spirit that motivated this amendment. I disagree with the Senator in saying this consolidation could easily be done. It would be far from an easy task to consolidate this legislation. However, consolidation is very desirable and was requested by all parties on Second Stage in this...

Seanad: Central Bank and Financial Services Authority of Ireland Bill 2002: Committee Stage. (2 Apr 2003)

Brian Lenihan Jnr: That will be a very complex process for which the Minister for Finance has accepted responsibility. Because the regulatory authority deals with so many parts of the financial sector, some consideration will have to be given to whether consolidation alone is the appropriate way to go or whether there should be some harmonisation of the legislation for different sectors at the same time as...

Seanad: Central Bank and Financial Services Authority of Ireland Bill 2002: Committee Stage. (2 Apr 2003)

Brian Lenihan Jnr: As I pointed out to the Senator, the Minister for Finance has indicated he intends to deal with this matter during his tenure of office as Minister for Finance, from which I take it that he assumes that will be a five year period, given the complexity of this measure. He wisely decided to consult about the measures in the No. 2 Bill before settling on a final draft with the parliamentary...

Seanad: Central Bank and Financial Services Authority of Ireland Bill 2002: Committee Stage. (2 Apr 2003)

Brian Lenihan Jnr: This amendment seeks to provide that persons appointed to the board of the bank by the Minister for Finance should include persons with experience in the delivery of financial services, in the requirements for adequate consumer protection and the needs of business in a competitive environment. In making appointments, the main aim of the Minister for Finance is to select persons with the...

Seanad: Central Bank and Financial Services Authority of Ireland Bill 2002: Committee Stage. (2 Apr 2003)

Brian Lenihan Jnr: I accept that it is not in the amendment and I have addressed the matter. Five of the positions are already designated and the Minister must have some discretion in drawing on the pool of expertise in financial matters, in drawing a balance between particular spheres of financial experience as well as a balance of gender, which the Government seeks in all its public appointments.

Seanad: Central Bank and Financial Services Authority of Ireland Bill 2002: Committee Stage. (2 Apr 2003)

Brian Lenihan Jnr: Senator Mansergh was put forward by a large number of cumainn, rather than taken backwards, in the recent past. Senator Phelan mentioned the looseness of the proposed amendment. That is not desirable in legislation. Senators are aware of the constitutional provisions affecting qualification for membership of Seanad Éireann and the amount of legislation that had to be provided, whether by way...

Seanad: Central Bank and Financial Services Authority of Ireland Bill 2002: Committee Stage. (2 Apr 2003)

Brian Lenihan Jnr: The proposed amendment changes the provisions relating to the membership of the regulatory authority so as to provide that the Minister for Finance may designate the Director of Consumer Affairs as an official member of that authority. However, the Bill allows for this possibility. The proposed new section 33E(2) of the principal Act, as inserted by section 26 of the Bill, provides that the...

Seanad: Central Bank and Financial Services Authority of Ireland Bill 2002: Committee Stage. (2 Apr 2003)

Brian Lenihan Jnr: That has been the kernel of the objection to the Bill as raised by Fine Gael. It is important to stress, however, that this is a new Bill and is not simply a case of "New presbyter is but old priest writ large". The Bill is detailed and essentially transforms the Central Bank into a new bank which combines a regulatory authority. Because of the fundamental change in character of the bank that...

Seanad: Central Bank and Financial Services Authority of Ireland Bill 2002: Committee Stage. (2 Apr 2003)

Brian Lenihan Jnr: The McDowell group recommended that funding for the operation of the Financial Services Regulatory Authority should come from the industry. That was a core recommendation of the group. Levies to fund the regulatory authority will be prescribed by the chief executive with the agreement of the other members of the authority and by way of regulation. This will only be done after a detailed...

Seanad: Central Bank and Financial Services Authority of Ireland Bill 2002: Committee Stage. (2 Apr 2003)

Brian Lenihan Jnr: The Bill provides that the consumer Director is appointed by the other members of the regulatory authority. However, the Minister for Finance must give his or her approval before the appointment takes effect. The approval of the Minister is to ensure proper procedures have been followed by the authority. For example, the recent appointment of the person to fill the consumer director post was...

Seanad: Central Bank and Financial Services Authority of Ireland Bill 2002: Committee Stage. (2 Apr 2003)

Brian Lenihan Jnr: The reason that is a necessary accompaniment to much legislation is the essential control which the Minister for Finance must maintain over expenditure and numbers in establishments in every branch of the State. By tradition the Department of Finance, as senior Department, frequently imposes a statutory obligation on a Minister to consult with it prior to a matter pertaining to establishment...

Seanad: Central Bank and Financial Services Authority of Ireland Bill 2002: Committee Stage. (2 Apr 2003)

Brian Lenihan Jnr: This is an interesting amendment. It is important to note the consumer director has substantial power under the section as drafted as he or she may issue codes or impose requirements. The consumer director is in the position of the Commission in the European Union; he or she has the power of initiative under this subsection.

Seanad: Central Bank and Financial Services Authority of Ireland Bill 2002: Committee Stage. (2 Apr 2003)

Brian Lenihan Jnr: As the Senator points out, though the Consumer Director has the power of initiative, he or she does not have the final power of decision. The actual code or requirement must be issued in the name of the regulatory authority and with the approval of the other members of that authority. Codes or requirements will be issued to protect the consumer. It is important that there be complete...