Results 11,521-11,540 of 27,019 for speaker:Michael Noonan

Seanad: Central Bank (Supervision and Enforcement) Bill 2011: Committee Stage (27 Jun 2013)

Michael Noonan: A valid point is raised by the Senator in respect of the lack of competition in the Irish financial services industry, particularly in respect of the domestic economy. There is a danger of a duopoly being controlled by two banks. One approach is to get the economy growing and make it worthwhile for foreign banks to have offices here. The amendment I will table on Report Stage is to enable...

Seanad: Central Bank (Supervision and Enforcement) Bill 2011: Committee Stage (27 Jun 2013)

Michael Noonan: Amendments Nos. 21 and 22 seek to make provision for debt collectors and debt collection services. As the Minister for Finance, I have no responsibility for the regulation of debt collectors and debt collecting firms. Debt collection services apply across a significantly wider range of activities than the recovery of money for financial products, for example, in the case of utilities,...

Seanad: Central Bank (Supervision and Enforcement) Bill 2011: Committee Stage (27 Jun 2013)

Michael Noonan: I will draw the Central Bank's attention to this short debate on this set of amendments today. I shall ask it to look at the views expressed by Senators Michael D'Arcy and Reilly to see if, in its opinion, any further action is necessary.

Seanad: Central Bank (Supervision and Enforcement) Bill 2011: Committee Stage (27 Jun 2013)

Michael Noonan: These amendments seek to increase the maximum penalty under the administrative sanction regime tenfold, from €500,000 to €5 million for an individual and from €5 million to €50 million for a body corporate. It is important that the fines are of sufficient scale to act as a deterrent to those who seek to profit from breaching their requirements. The Bill already...

Seanad: Central Bank (Supervision and Enforcement) Bill 2011: Committee Stage (27 Jun 2013)

Michael Noonan: I wish to make a point for the sake of the record. The base legislation is the 1942 Act but I believe that the penalties have been updated more than once in the meantime.

Seanad: Central Bank (Supervision and Enforcement) Bill 2011: Committee Stage (27 Jun 2013)

Michael Noonan: The amendment seeks to require the Financial Services Ombudsman to include in its report the responses of the financial services provider to complaints made and reported by the Financial Services Ombudsman. However, I am satisfied that the naming provisions provided for in the Bill are sufficiently robust to provide consumers with information to assist them in making decisions about availing...

Seanad: Central Bank (Supervision and Enforcement) Bill 2011: Committee Stage (27 Jun 2013)

Michael Noonan: This is a technical amendment. The amendment involves an amendment to section 47 of the Central Bank and Credit Institutions (Resolution) Act 2011. It is a drafting amendment and is consequential on changes made to section 46 of the 2011 Act on Report Stage in the Dáil.

Seanad: Central Bank (Supervision and Enforcement) Bill 2011: Committee Stage (27 Jun 2013)

Michael Noonan: This amendment is technical in nature and is designed to remedy an incorrect reference in the Central Bank and Credit Institutions (Resolution) Act 2011. The objective of this amendment is to ensure the Central Bank is legally able to share confidential information to facilitate the Central Bank, the Minister, the Governor, the head of financial regulation or a special manager appointed...

Seanad: Central Bank (Supervision and Enforcement) Bill 2011: Committee Stage (27 Jun 2013)

Michael Noonan: I thank Senators for the expeditious handling of this important legislation on Committee Stage. In particular, I thank Senator Barrett who did most of the heavy lifting today.

Seanad: Central Bank (Supervision and Enforcement) Bill 2011: Committee Stage (27 Jun 2013)

Michael Noonan: I wish to read something into the record to enable Report Stage amendments to be taken later on. The Minister of States, Deputy Brian Hayes, on Second Stage flagged the fact I would table an amendment to the Central Bank Act 1971 to provide an authorisation regime for branches of third country banks. These branches would be subject to the same standards of regulation as those branches...

Seanad: Central Bank (Supervision and Enforcement) Bill 2011: Committee Stage (27 Jun 2013)

Michael Noonan: The effect of amendment No. 7 would be to include the following within the definitions of financial service provider and related undertaking: Auditors, accountants, pension fund trustees, building societies, debt collection agencies, moneylenders and other financial services as determined by the bank. The remaining amendments in this group delete a number of references to the word...

Seanad: Central Bank (Supervision and Enforcement) Bill 2011: Committee Stage (27 Jun 2013)

Michael Noonan: It is Part 4 not section 4.

Seanad: Central Bank (Supervision and Enforcement) Bill 2011: Committee Stage (27 Jun 2013)

Michael Noonan: I agree with the sentiments expressed by the Senator. The days of light-touch regulation are long since behind us and it was a mistake that they ever were brought in. The former Minister for Justice, Equality and Law Reform, Michael McDowell, chaired the particular committee which gave rise to the recommendations. One had this movement stating that because bankers were members of such a...

Seanad: Central Bank (Supervision and Enforcement) Bill 2011: Committee Stage (27 Jun 2013)

Michael Noonan: Amendment No. 14 in the name of Senator Barrett seeks to include computer records, tapes and other recordings in the definition of "record". Section 2 of the Central Bank Act 1942 defines "record" as follows: 'record' means any record of information, however compiled, recorded or stored, and includes--(a) any book, a register and any other document containing information, and (b) any disc,...

Seanad: Central Bank (Supervision and Enforcement) Bill 2011: Committee Stage (27 Jun 2013)

Michael Noonan: The Bill already moves into the space where the Senator indicates it should go while, at the same time, allowing the Irish Auditing and Accounting Supervisory Authority to be the primary regulator of auditors and accountants. Amendments Nos. 15 and 19 seek to make the Central Bank responsible for setting standards for auditors or financial service providers. As I stated in response to an...

Seanad: Central Bank (Supervision and Enforcement) Bill 2011: Committee Stage (27 Jun 2013)

Michael Noonan: Amendment No. 16 seeks to require the Central Bank to publish in its annual report a statement of the employment status of persons reporting breaches and a statement of the reforms undertaken by the body in respect of which the report of breaches was made. It is important that the identity of those reporting breaches is protected to the greatest extent possible. For that reason the Bill...

Seanad: Central Bank (Supervision and Enforcement) Bill 2011: Committee Stage (27 Jun 2013)

Michael Noonan: I look forward to discussing this again on Report Stage if the Senator frames an amendment. The Minister for Public Expenditure and Reform is introducing comprehensive legislation in the area of whistleblowing. The protections in this Bill may need to be examined in respect of that Bill because we need to align procedures between the two Bills. I will examine it in context of the Bill of...

Seanad: Central Bank (Supervision and Enforcement) Bill 2011: Committee Stage (27 Jun 2013)

Michael Noonan: Amendment No. 17 seeks to provide for redress of up to three times the amount of the loss incurred by persons affected. The purpose of redress is not to punish the financial service provider but to ensure that the person affected is put back to the position he or she would have been in had the incident not occurred. That is not to say that a financial service provider could not be the...

Seanad: Central Bank (Supervision and Enforcement) Bill 2011: Committee Stage (27 Jun 2013)

Michael Noonan: The amendment seeks to require the Central Bank to consult with the Competition Authority and the National Competitiveness Council on the impact of the proposed regulations affecting the pillar banks on the non-banking economy. Section 49 already allows for the Central Bank to consult any entity it considers appropriate so the consultation envisaged by the Senator is already allowed for in...

Seanad: Central Bank (Supervision and Enforcement) Bill 2011: Committee Stage (27 Jun 2013)

Michael Noonan: A valid point is raised by the Senator in respect of the lack of competition in the Irish financial services industry, particularly in respect of the domestic economy. There is a danger of a duopoly being controlled by two banks. One approach is to get the economy growing and make it worthwhile for foreign banks to have offices here. The amendment I will table on Report Stage is to enable...