Results 2,241-2,260 of 11,861 for speaker:Brian Hayes
- Credit Union Bill 2012: From the Seanad (13 Dec 2012)
Brian Hayes: I refer to amendment No. 34. An amendment was made on Committee Stage in the Seanad to remove subsections (12) and (13) of section 15 as these will be provided for in a new fitness and probity regime which will be rolled out for credit unions on a phased basis, as recommended by the Commission on Credit Unions. Further amendments were also made to amend the cross references caused by the...
- Credit Union Bill 2012: From the Seanad (13 Dec 2012)
Brian Hayes: A number of minor technical amendments were made to section 8 which allow the regulations to set limits in the form of a monetary amount as well as a percentage. This section gives effect to recommendation 10.3.27 of the report of the Commission on Credit Unions. It repeals section 27 of the principal Act and replaces it with a provision allowing credit unions to raise funds by issuing...
- Credit Union Bill 2012: From the Seanad (13 Dec 2012)
Brian Hayes: Seanad amendments Nos. 18 and 19 involve a redraft of the Bill as published. Following further consideration of the Bill, it was felt that the provisions under section 29, which propose to insert a new section 84A into the 1997 Act, would be more suitable under section 9. The latter deals with the policies, procedures and practices a credit union must have in place to ensure it is compliant...
- Credit Union Bill 2012: From the Seanad (13 Dec 2012)
Brian Hayes: I understand the Minister, Deputy Noonan, has discussed this issue with the Deputies. A consultation protocol was established two weeks ago. The Minister's view is that were he to include provision in the Bill for what the Deputies are proposing, that might tie the hand of the regulator and be too prescriptive. The Oireachtas gives the regulator powers on the basis that he or she will...
- Credit Union Bill 2012: From the Seanad (13 Dec 2012)
Brian Hayes: An amendment was made to section 11 on Committee Stage in the Seanad to provide for a transitional arrangement whereby an approval by the Central Bank under the existing section 35(2) of the Credit Union Act 1997 in respect of longer-term lending by a credit union would continue to have effect upon commencement of this section. The amendment simply clarifies the existing position in order to...
- Credit Union Bill 2012: From the Seanad (13 Dec 2012)
Brian Hayes: This amendment was made on Committee Stage in the Seanad. It is a minor amendment to rectify an incorrect cross-reference in the text.
- Credit Union Bill 2012: From the Seanad (13 Dec 2012)
Brian Hayes: This is another of the Opposition amendments that was debated with the Minister, Deputy Noonan, at the select committee. Amendment No. 31, made in the Seanad, follows on from the discussion on Committee and Report Stages in this House where the Minister committed to examining this section in order to allow a credit union to invest in public projects. This amendment arose out of discussion...
- Credit Union Bill 2012: From the Seanad (13 Dec 2012)
Brian Hayes: This arises from the proceedings on Committee Stage in the Seanad. I brought forward an amendment on Committee Stage to address concerns relating to the definition of financial services legislation. During Report Stage in Dáil Éireann and Second Stage in this House I indicated that I would bring forward an amendment to clarify that it is only legislation that already applies to...
- Credit Union Bill 2012: From the Seanad (13 Dec 2012)
Brian Hayes: That is very generous. We should bottle that.
- Credit Union Bill 2012: From the Seanad (13 Dec 2012)
Brian Hayes: This is a technical amendment which clarifies that the secretary is a member of the board, unlike, for example, the position of a company secretary.
- Credit Union Bill 2012: From the Seanad (13 Dec 2012)
Brian Hayes: A number of amendments were made on Committee Stage in the Seanad in order to set out the principles of regulation making power in these sections by clarifying that the Central Bank may only make regulations in respect of these sections where they are necessary to protect members' savings. These sections provide for borrowings, savings, blending and investments. Amendment No. 20 sets out...
- Credit Union Bill 2012: From the Seanad (13 Dec 2012)
Brian Hayes: A number of amendments were also made on Committee Stage in the Seanad to provide for some of the types of conditions the bank may impose on the registration of credit unions under subsection (1). These include a condition that the credit union must notify the bank of significant events, a condition to operate a more limited business as agreed with the bank and a condition to undertake a...
- Credit Union Bill 2012: From the Seanad (13 Dec 2012)
Brian Hayes: The credit unions themselves would be asked that. They could, in certain circumstances, ask an accountancy firm or some consultancy to produce a report outside of the credit union. However, the first request would come from the bank to the credit union and it would be a matter for the credit union to then furnish the bank with the requisite information.
- Credit Union Bill 2012: From the Seanad (13 Dec 2012)
Brian Hayes: I cannot hear the Deputy.
- Credit Union Bill 2012: From the Seanad (13 Dec 2012)
Brian Hayes: This group of amendments will give the Central Bank the authority to sign the memorandum of understanding. When this issue was brought to our attention during the Seanad debate which I attended, the fundamental question I asked was related to when this was brought to our attention. I appreciate the constructive remarks the Deputies have made. This is important because a watchlist of...
- Credit Union Bill 2012: From the Seanad (13 Dec 2012)
Brian Hayes: Given that these provisions amend the Central Bank Reform Act 2010, it was also necessary to update the citation of the Central Bank Acts. The amendments provide for such an update. This simple change needs to be made as a result of the change made in amendment No. 1. This grouping is consequential on the first grouping having been passed.
- Credit Union Bill 2012: From the Seanad (13 Dec 2012)
Brian Hayes: A number of amendments were made to section 4 on Committee Stage in the Seanad. These amendments mirror subsections (6) to (8) of section 14 of the Credit Union Act 1997 and provide for changes to the rules of credit unions consequential on the provisions of the Bill. Amendment No. 4 clarifies that during the first year following the commencement of this section, the rules of the credit...
- Credit Union Bill 2012: From the Seanad (13 Dec 2012)
Brian Hayes: This grouping deals with a change to the Short Title of the Bill and with the inclusion of an area that we now intend to implement. A number of amendments were made to section 1 on Committee Stage in the Seanad. These amendments and the related Schedules are designed to provide for measures which will allow the Central Bank of Ireland greater capacity to co-operate with its counterparts in...
- Order of Business (13 Dec 2012)
Brian Hayes: And Sinn Féin.
- Order of Business (13 Dec 2012)
Brian Hayes: They were the Opposition's ideas.