Results 2,201-2,220 of 11,861 for speaker:Brian Hayes

Credit Union Bill 2012: From the Seanad (13 Dec 2012)

Brian Hayes: Under the previous wording of item 37, the Central Bank could exempt certain additional services which involved "no undue risk" to the credit union. Amendment No. 167 removes the reference to "undue risk" in respect of additional services that the Bank may exempt from the application requirements under Section 47 of the Credit Union Act, 1997. It was felt that this wording was too...

Credit Union Bill 2012: From the Seanad (13 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 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 executive to...

Credit Union Bill 2012: From the Seanad (13 Dec 2012)

Brian Hayes: This amendment splits section 57(1) into two subsections to provide clarity on the effect of disclosure of information by ReBo on any duty of confidentiality or on any obligation under the Data Protection Acts. Section 57(1), as amended in the Seanad, provides that a credit union which discloses information to ReBo does not breach any applicable duty of confidentiality. The new section...

Credit Union Bill 2012: From the Seanad (13 Dec 2012)

Brian Hayes: Amendment No. 139 adds a number of purposes of the credit union fund to those already 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.

Credit Union Bill 2012: From the Seanad (13 Dec 2012)

Brian Hayes: Amendment No. 140 is a technical amendment which improves the consistency of terminology in this Part of the Bill by removing the references to "restructuring purposes" and replacing them with "the purposes of restructuring under this Part". Amendment No. 141 removes the obligation on the Minister to obtain the bank's approval of an amalgamation or transfer of engagement under section...

Credit Union Bill 2012: From the Seanad (13 Dec 2012)

Brian Hayes: This amendment 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 this...

Credit Union Bill 2012: From the Seanad (13 Dec 2012)

Brian Hayes: On Committee Stage in the Seanad I brought forward an amendment to delete section 58(10). I also brought forward an amendment to section 60 of the Bill which provides the Minister with the power to make regulations prescribing the rate of contribution by credit unions to the credit union fund for the purposes of the provision of stabilisation support under section 58(6). Stabilisation...

Credit Union Bill 2012: From the Seanad (13 Dec 2012)

Brian Hayes: Amendment No. 148 makes a minor amendment to the terminology used in section 59(1)(a) and provides for the keeping of "accounts of receipts and payments of the credit union fund" rather than "all proper and usual accounts".

Credit Union Bill 2012: From the Seanad (13 Dec 2012)

Brian Hayes: Amendment No. 149 corrects a typographical error. Amendment No. 153 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.

Credit Union Bill 2012: From the Seanad (13 Dec 2012)

Brian Hayes: Amendment No. 150 sets out the Minister's powers to make regulations prescribing the rate of contributions or method of calculating the rate of contribution to the credit union fund by credit unions in order to provide the credit union fund with sufficient funds for the provision of stabilisation support. Section 60(2) already provided that the Minister may make regulations prescribing the...

Credit Union Bill 2012: From the Seanad (13 Dec 2012)

Brian Hayes: Seanad amendment No. 125 clarifies that sections 27B, 27G and 27H of the Central Bank Act 1997 continue to apply to the credit union auditor. These sections relate to the duties of auditors to provide reports to the Central Bank. Section 27B already makes reference to section 122 of the Credit Union Act 1997. It relates to auditor management and statutory duty declarations. I emphasise...

Credit Union Bill 2012: From the Seanad (13 Dec 2012)

Brian Hayes: An amendment to section 39 was made on Committee Stage in the Seanad to provide for the inclusion of a definition of stabilisation support in section 39. It refers to the definition of stabilisation support which already appears in section 62 of the published Bill.

Credit Union Bill 2012: From the Seanad (13 Dec 2012)

Brian Hayes: Amendment No. 127 was made on Committee Stage in the Seanad. It consolidates the provisions relating to the power of the Credit Union Restructuring Board, ReBo, power to carry our certain functions. The power to appoint staff is provided for in section 54. The power to organise meetings is also set out in section 50. As a result unnecessary references to this section and to the powers...

Credit Union Bill 2012: From the Seanad (13 Dec 2012)

Brian Hayes: These are technical amendments made on Committee Stage in the Seanad to provide for consistency in the references to what we refer to as "financial support" to be provided from the credit union fund under Part 3 and Part 4 of the Bill. The definition of "financial support" may take the form of a payment, loan, guarantee, an exchange of assets or any other type of financial accommodation or...

Credit Union Bill 2012: From the Seanad (13 Dec 2012)

Brian Hayes: I brought forward an amendment on Committee Stage in the Seanad to provide that the ReBo levy 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...

Credit Union Bill 2012: From the Seanad (13 Dec 2012)

Brian Hayes: I brought forward an amendment on Report Stage in the Seanad to delete section 49 because the expenses of ReBo are to be paid out of the credit union fund. Section 49 is no longer required as a consequence and, therefore, I do not propose to include this section in the Bill.

Credit Union Bill 2012: From the Seanad (13 Dec 2012)

Brian Hayes: These are straightforward. Amendments Nos. 132 and 134 were made on Committee Stage in the Seanad to correct typographical errors.

Credit Union Bill 2012: From the Seanad (13 Dec 2012)

Brian Hayes: Seanad amendment No. 133 provides that employees of auditors engaged by ReBo are subject to the non-disclosure of information provisions in this section. The 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.

Credit Union Bill 2012: From the Seanad (13 Dec 2012)

Brian Hayes: Seanad amendment No. 135 made on Committee Stage in the Seanad 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...

Credit Union Bill 2012: From the Seanad (13 Dec 2012)

Brian Hayes: I thank the Deputy for raising this issue. Natural justice requires that people would receive this notification in writing. The point the Deputy highlighted comes from a genuine case where someone felt there had been some unfairness. The fact this is now incorporated in the law puts a standard there for all credit unions to follow. I congratulate the Deputy on doing that.