Results 9,521-9,540 of 11,861 for speaker:Brian Hayes

Seanad: Credit Union Bill 2012 : Committee Stage (11 Dec 2012)

Brian Hayes: Amendment No. 130 consolidates the provisions relating to ReBo's power to carry out certain functions. The power to appoint staff is provided for in section 54 and the power to organise meetings is set out in section 50. As a result, unnecessary references in this section to those powers are being removed by this amendment. Amendment No. 131 deletes section 44(3). Subsection (3) is not...

Seanad: Credit Union Bill 2012 : Committee Stage (11 Dec 2012)

Brian Hayes: Amendments Nos. 132, 148, 153 and 154 are technical amendments which provide for consistency in the references to "financial support" to be provided from the Credit Union Fund under Parts 3 and 4. Financial support may take the form of a payment, a loan, a guarantee, an exchange of assets or any other kind of financial accommodation or assistance. This is consistent with both the Credit...

Seanad: Credit Union Bill 2012 : Committee Stage (11 Dec 2012)

Brian Hayes: This amendment provides that the ReBo levy which is to be paid by credit unions will be paid into the Credit Union Fund rather than paid into or disposed of for the benefit of the Exchequer. The expenses incurred by ReBo will be paid out of the Credit Union Fund and therefore it is appropriate that the levy received to recoup those expenses should be paid into the Credit Union Fund.

Seanad: Credit Union Bill 2012 : Committee Stage (11 Dec 2012)

Brian Hayes: As the expenses of the credit union restructuring board, ReBo, are to be paid from the credit union fund, section 49 is no longer required and therefore I propose its deletion.

Seanad: Credit Union Bill 2012 : Committee Stage (11 Dec 2012)

Brian Hayes: Sorry?

Seanad: Credit Union Bill 2012 : Committee Stage (11 Dec 2012)

Brian Hayes: Some 50% will come from the sector and the other 50% will come from the Exchequer. The expenses will come from the fund.

Seanad: Credit Union Bill 2012 : Committee Stage (11 Dec 2012)

Brian Hayes: Amendment No. 134 removes a typographical error in section 51(1)(a) and amendment No. 136 corrects a typographical error in section 51(4).

Seanad: Credit Union Bill 2012 : Committee Stage (11 Dec 2012)

Brian Hayes: This amendment provides that employees of auditors engaged by ReBo are subject to the non-disclosure of information provisions in this section. This amendment ensures consistency in the application of the non-disclosure provisions which the Bill currently applies to employees of agents, consultants and advisers appointed by ReBo.

Seanad: Credit Union Bill 2012 : Committee Stage (11 Dec 2012)

Brian Hayes: Amendment No. 137 removes the requirement for the Minister for Finance to obtain the consent of the Minister for Public Expenditure and Reform before approving the appointment of staff by ReBo. The staff of ReBo will be paid out of the credit union fund and as a result, the consent of the Minister for Public Expenditure and Reform to their appointment is no longer required. ReBo can...

Seanad: Credit Union Bill 2012 : Committee Stage (11 Dec 2012)

Brian Hayes: I will read the speaking note relating to the section and return to the specific issues raised by the Senator. This section provides that ReBo may appoint as many members of staff and at such grades as it deems appropriate. The current text provides that ReBo must obtain the approval of the Minister, given with the consent of the Minister for Public Expenditure and Reform, before taking on...

Seanad: Credit Union Bill 2012 : Committee Stage (11 Dec 2012)

Brian Hayes: This amendment provides that the board of ReBo may direct the chief executive to undertake certain functions relating to the accounts of ReBo. This amendment reflects the fact that the board of ReBo and not the chief executive is responsible for keeping the accounts of ReBo and submitting those accounts to the Comptroller and Auditor General. Therefore, it is appropriate for the chief...

Seanad: Credit Union Bill 2012 : Committee Stage (11 Dec 2012)

Brian Hayes: Amendment No. 140 splits section 57(1) into two subsections to provide greater clarity regarding the effect of disclosure of information by ReBo on any duty of confidentiality or in any obligation under the Data Protection Acts. The proposed section 57(1) provides that a credit union which discloses information to ReBo does not breach any applicable duty of confidentiality and the new...

Seanad: Credit Union Bill 2012 : Committee Stage (11 Dec 2012)

Brian Hayes: This amendment adds a number of purposes for the credit union fund to those listed in section 50(2). This amendment sets out that discharging the expenses of ReBo, the cost of collecting levies due under the Act, and the expenses of the bank in exercising its functions are purposes of the credit union fund. It sets that out in the context of amendment No. 141.

Seanad: Credit Union Bill 2012 : Committee Stage (11 Dec 2012)

Brian Hayes: Amendment No. 142 is a technical amendment to improve the consistency of terminology in this Part of the Bill by removing the references to "restructuring purposes" and replacing it with "for the purposes of restructuring under this Part". Amendment No. 143 removes the obligation on the Minister to obtain the bank's approval of an amalgamation or transfer of engagement under section...

Seanad: Credit Union Bill 2012 : Committee Stage (11 Dec 2012)

Brian Hayes: Amendment No. 144 provides that the Minister may provide stabilisation support to a credit union from the credit union fund where requested to do so by the bank. The provision for the Minister to attach terms and conditions to any support provided is retained in this amendment. Those conditions are primarily intended to relate to the recoupment of funds provided as financial support under...

Seanad: Credit Union Bill 2012 : Committee Stage (11 Dec 2012)

Brian Hayes: Amendment No. 149 deletes section 58(10). I am bringing forward an amendment to section 60 which provides the Minister with the power to make regulations prescribing the rate of contribution of credit unions to the credit union fund for the purposes of providing for the provision of stabilisation support under section 58(6). Stabilisation support will be made available out of funds raised...

Seanad: Credit Union Bill 2012 : Committee Stage (11 Dec 2012)

Brian Hayes: We have just dealt with amendment No. 149, Acting Chairman. I think you may have passed on to amendment No. 150. We were on amendment No. 149 but you asked if amendment No. 150 was agreed. We have yet to get to amendment No. 150.

Seanad: Credit Union Bill 2012 : Committee Stage (11 Dec 2012)

Brian Hayes: Amendment No. 151 corrects a typographical error. Amendment No. 155 deletes unnecessary wording relating to section 61. Section 61 is a discretionary provision and therefore it is not appropriate to provide for an obligation to comply with that provision.

Seanad: Credit Union Bill 2012 : Committee Stage (11 Dec 2012)

Brian Hayes: Amendment No. 152 sets out the Minister's powers to make regulations prescribing the rate of contribution or method of calculating the rate of contribution to the credit union fund by credit unions to provide the credit union fund with sufficient funds for the provision of stabilisation support. Section 60(2) already provides that the Minister may make regulations prescribing the contribution...

Seanad: Credit Union Bill 2012 : Committee Stage (11 Dec 2012)

Brian Hayes: This amendment changes the definition of "stabilisation support" to clarify that support may include funding unrelated to the reserve requirement. Such funding may be used to update the systems and controls of the credit unions and also may include the provision of financial and technical advice to the credit union. This is a recommendation of the Commission on Credit Unions at paragraph...