Results 10,421-10,440 of 27,019 for speaker:Michael Noonan

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Central Bank (Supervision and Enforcement) Bill 2011: Committee Stage (24 Apr 2013)

Michael Noonan: I move amendment No. 71: In page 30, subsection (2)(n)(ii), line 44, to delete “customers in arrears” and substitute “such customers”.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Central Bank (Supervision and Enforcement) Bill 2011: Committee Stage (24 Apr 2013)

Michael Noonan: I move amendment No. 72: In page 32, before section 41, to insert the following new section: 41.—(1) Before making regulations under section 40, the Bank—(a) shall consult with the Minister and for that purpose shall provide to the Minister a draft of the proposed regulations, (b) in the case of regulations under section 40(2)(b), shall also consult with the Minister for...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Central Bank (Supervision and Enforcement) Bill 2011: Committee Stage (24 Apr 2013)

Michael Noonan: I know that this is an area in which the Deputy is particularly interested and it was the subject of a Private Members' Bill he introduced. We had a number of debates about this previously and I am pleased that the commitments I gave on that occasion are being fulfilled now. The Deputy's amendment relates to debt-management companies and I have also tabled a series of amendments. Deputies...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Central Bank (Supervision and Enforcement) Bill 2011: Committee Stage (24 Apr 2013)

Michael Noonan: Yes. The money transition service's definition includes everything the Deputy wants to have inserted.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Central Bank (Supervision and Enforcement) Bill 2011: Committee Stage (24 Apr 2013)

Michael Noonan: Yes, the Central Bank is satisfied that it will be adequately equipped. The Department and the Attorney General's office are of the opinion that knitting this measure into the 1997 Act is the most effective approach. We have taken on board everything proposed in the Deputy's Private Members' Bill. I thank him for his work on that occasion.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Central Bank (Supervision and Enforcement) Bill 2011: Committee Stage (24 Apr 2013)

Michael Noonan: We are unsure about New Beginning. I will check the matter for the Deputy before Report Stage. We are regulating persons who handle other people's money in one way or another.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Central Bank (Supervision and Enforcement) Bill 2011: Committee Stage (24 Apr 2013)

Michael Noonan: Some are exempted, for example, charities. If a body is instituted as a charity, it is exempt. If a body gives advice on a commercial basis, it has not instituted as a charity. The best way to explain it is that if there is no remuneration for the giving of advice, the advice's provider is usually an excepted person. If there is remuneration, the person is included.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Central Bank (Supervision and Enforcement) Bill 2011: Committee Stage (24 Apr 2013)

Michael Noonan: As long as they are not charging, they do not need charitable status to be exempt.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Central Bank (Supervision and Enforcement) Bill 2011: Committee Stage (24 Apr 2013)

Michael Noonan: I am told that it is stated in the definitions section under the definition of "remuneration". The Bill reads: "'debt management firm' means a person who for remuneration provides debt management services to one or more consumers, other than an excepted person". If a person does not charge, he or she does not fall within the definition and is allowed to provide the information for free.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Central Bank (Supervision and Enforcement) Bill 2011: Committee Stage (24 Apr 2013)

Michael Noonan: The system is that run from the Central Bank Act 1942. The fees are set by the Central Bank, with the consent of the Minister for Finance.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Central Bank (Supervision and Enforcement) Bill 2011: Committee Stage (24 Apr 2013)

Michael Noonan: As I understand it, they must inform their customers of the scale of fees. It must be transparent.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Central Bank (Supervision and Enforcement) Bill 2011: Committee Stage (24 Apr 2013)

Michael Noonan: It would not be customary to do that, but I will consider the matter before Report Stage. The task of getting this information from deb management agencies or analogous bodies would fall within the Central Bank's remit. I will determine whether it is possible to provide the information on a wider basis rather than simply for the customer.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Central Bank (Supervision and Enforcement) Bill 2011: Committee Stage (24 Apr 2013)

Michael Noonan: The issue of debt collection is within the remit of the Minister for Justice and Equality. He controls the appropriate legislation. We did not consider it.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Central Bank (Supervision and Enforcement) Bill 2011: Committee Stage (24 Apr 2013)

Michael Noonan: No, Department of Justice and Equality-sponsored legislation applies tight controls to debt collection.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Central Bank (Supervision and Enforcement) Bill 2011: Committee Stage (24 Apr 2013)

Michael Noonan: Debt collection is a much wider issue than just financial services. The broader issue falls within the remit of the Department of Justice and Equality.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Central Bank (Supervision and Enforcement) Bill 2011: Committee Stage (24 Apr 2013)

Michael Noonan: I do not have a briefing note on the issue.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Central Bank (Supervision and Enforcement) Bill 2011: Committee Stage (24 Apr 2013)

Michael Noonan: I move amendment No. 74: In page 33, before section 44, but in Part 7, to insert the following new section:44.—(1) If, in the opinion of the Bank, a person has engaged, is engaging or is about to engage in conduct that involved, involves or would involve contravening a provision of financial services legislation the Bank may apply to the Court for an order restraining the person from...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Central Bank (Supervision and Enforcement) Bill 2011: Committee Stage (24 Apr 2013)

Michael Noonan: I move amendment No. 75: In page 33, subsection (1)(b), line 14, to delete "provision" and substitute "provider".

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Central Bank (Supervision and Enforcement) Bill 2011: Committee Stage (24 Apr 2013)

Michael Noonan: This section provides that the Central Bank may publish warning notices to the public where it reasonably believes a person is either providing a financial service without the requisite authorisation or falsely purporting to be a regulated financial service provider. The bank already has powers under the EC (Markets in Financial Instruments) Regulations 2007 and the Investor Intermediaries...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Central Bank (Supervision and Enforcement) Bill 2011: Committee Stage (24 Apr 2013)

Michael Noonan: I move amendment No. 76: In page 33, lines 21 to 33, to delete subsection (1) and substitute the following:“(1) This section applies to a person—(a) on whom any sanction has been imposed under section 33AQ, 33AR or 33AV of the Act of 1942, or (b) who has been convicted of an offence under financial services legislation.”. These amendments extend the scope of the...