Results 29,441-29,460 of 32,583 for speaker:Richard Bruton

Markets in Financial Instruments and Miscellaneous Provisions Bill 2007: Committee Stage (17 Oct 2007)

Richard Bruton: I have no objection to the amendment. Is the Tánaiste removing the requirement of an insurance licence or is he making changes to accommodate the described anomalies, such as the person returning who is unable to continue with a savings product? I presume there is still a requirement that the insurance company must be licensed somewhere.

Markets in Financial Instruments and Miscellaneous Provisions Bill 2007: Committee Stage (17 Oct 2007)

Richard Bruton: This is the core of the Tánaiste's new elements and warrants study. Regarding the issue of being engaged in retail lending, would hedge funds be regulated? Generally, they would purchase financial instruments that would not be deemed retail.

Markets in Financial Instruments and Miscellaneous Provisions Bill 2007: Committee Stage (17 Oct 2007)

Richard Bruton: I presume the Tánaiste's argument is that he is awaiting European legislation before regulating people who deal in securitised instruments of one sort or another that may be subject to questionable ratings. Should people running hedge funds be authorised under some of the proposed elements, namely, probity, competence and adequate levels of experience and skill? While the products might...

Markets in Financial Instruments and Miscellaneous Provisions Bill 2007: Committee Stage (17 Oct 2007)

Richard Bruton: For the sake of clarification, my understanding from the regulator is as the Minister describes, namely, that this was a company wholly regulated in Germany with certain minimum licensing requirements in Ireland. Will the Minister set out clearly, in the case of companies like Ormond Quay which I understand was wholly owned by a German bank, the remit of the Irish regulator and the remit of...

Markets in Financial Instruments and Miscellaneous Provisions Bill 2007: Committee Stage (17 Oct 2007)

Richard Bruton: What exactly is being dropped and what offence will no longer be an offence? Is the amendment's import that the Minister is dropping certain offences and, if so, to what do they refer?

Markets in Financial Instruments and Miscellaneous Provisions Bill 2007: Committee Stage (17 Oct 2007)

Richard Bruton: They no longer require a penalty?

Markets in Financial Instruments and Miscellaneous Provisions Bill 2007: Committee Stage (17 Oct 2007)

Richard Bruton: All right.

Markets in Financial Instruments and Miscellaneous Provisions Bill 2007: Committee Stage (17 Oct 2007)

Richard Bruton: What are the implications of what the Minister is trying to achieve by extending the Netting of Financial Contracts Act?

Markets in Financial Instruments and Miscellaneous Provisions Bill 2007: Committee Stage (17 Oct 2007)

Richard Bruton: The Minister must forgive my ignorance of this area but what is he talking about? Is this protecting hedge funds?

Markets in Financial Instruments and Miscellaneous Provisions Bill 2007: Committee Stage (17 Oct 2007)

Richard Bruton: So it is a good thing.

Markets in Financial Instruments and Miscellaneous Provisions Bill 2007: Committee Stage (17 Oct 2007)

Richard Bruton: Will the Minister explain what he seeks to achieve in this section? I understand this relates to Icarom, the former ICI, and removes a holding company. Why does the need for this arise? Is this the company that gave rise to the 2% levy on insurance policies, which appears to be still in place? If we are making provision for winding up companies are we presenting insurance policy holders...

Markets in Financial Instruments and Miscellaneous Provisions Bill 2007: Committee Stage (17 Oct 2007)

Richard Bruton: I do not wish to get bogged down in something that may be off the main point, although maybe I could be forgiven for that. Is it not the case that the 2% insurance levy came in under an Act that provided for the establishment of an insurance compensation fund and that vehicle was used to support this company? This money, which was legally assigned to an insurance compensation fund, is now...

Markets in Financial Instruments and Miscellaneous Provisions Bill 2007: Committee Stage (17 Oct 2007)

Richard Bruton: I have no profound objection to these provisions. I would like the Minister to clarify the point about the Financial Services Ombudsman not having to report when he decides not to investigate or to discontinue an investigation. I understand the Minister's point that if he must give his reasons to the regulator, it reduces his independence to some extent. Presumably he will still be under...

Markets in Financial Instruments and Miscellaneous Provisions Bill 2007: Committee Stage (17 Oct 2007)

Richard Bruton: That is fine. Will the Minister clarify the relationship between the Financial Services Ombudsman and the Financial Regulator?

Markets in Financial Instruments and Miscellaneous Provisions Bill 2007: Committee Stage (17 Oct 2007)

Richard Bruton: I have read of another case, which I believe differs from that to which Deputy Burton refers, in which an individual finding was made to the effect that a financial institution had not treated an individual fairly and the same treatment was being meted out to thousands of others. It was found that the Financial Services Ombudsman could not impose a requirement on that company that would...

Markets in Financial Instruments and Miscellaneous Provisions Bill 2007: Committee Stage (17 Oct 2007)

Richard Bruton: Perhaps someone should contact the Financial Services Ombudsman informally to ascertain whether it is a matter that is sufficiently simple — as it sounds to a lay person — to enable the Minister to accommodate it. A Bill such as this, in which it could be included, may not come before the House for months. Perhaps contact should be made to clarify the point at issue and whether Members...

Markets in Financial Instruments and Miscellaneous Provisions Bill 2007: Committee Stage (17 Oct 2007)

Richard Bruton: Is this issue still sub judice?

Markets in Financial Instruments and Miscellaneous Provisions Bill 2007: Committee Stage (17 Oct 2007)

Richard Bruton: I seek clarity from the Minister. Essentially this amendment extends the National Treasury Management Agency to become a form of bank to State bodies and Departments. I have no problem in principle with the NTMA so doing as it can achieve economies in providing, for example, foreign exchange services. However, does it raise a bigger issue if Members allow deposit-taking and lending...

Markets in Financial Instruments and Miscellaneous Provisions Bill 2007: Motion to Instruct Committee (17 Oct 2007)

Richard Bruton: ——is they were far more radical than some small change in regard to Ordnance Survey Ireland. If memory serves me, issues arose in regard to the appeal fees, for instance, and other core issues going to the heart of the adequacy of freedom of information legislation and a desire by many to see some of the recent additions modified. The aim was that, in effect, we should return to the...

Markets in Financial Instruments and Miscellaneous Provisions Bill 2007: Motion to Instruct Committee (17 Oct 2007)

Richard Bruton: No sooner said than done.