Results 37,701-37,720 of 40,550 for speaker:Joan Burton

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

Joan Burton: The point is that these products are being sold to vulnerable people.

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

Joan Burton: Please let me finish. Such vulnerable people include those in the acting chairman's constituency.

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

Joan Burton: They are buying products by remortgaging their homes for high prices. Eighteen months after being initially asked about this matter, the Minister is now saying that some regulation is needed. While that is to be welcomed, some of these products are excessively risky. I hope all the wonderful people in the European Central Bank and beyond who are advising the Minister can come down to the...

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

Joan Burton: I am sure he is.

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

Joan Burton: Will the Minister comment on the problems a couple of years ago in the reinsurance market concerning the financial services sector? We never got information from the Financial Regulator or from the Minister. The problems that arose in Dublin concerning vehicles associated with a number of reinsurance companies were widely publicised, particularly in The Wall Street Journal. That newspaper...

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

Joan Burton: Maybe it relates to the section.

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

Joan Burton: Does this include, for instance, financial derivative products such as contracts for difference as well as hedge funds? The Minister said that from 1 November some regulation will come in for contracts for difference. These contracts constituted more than 50% of the business on the Stock Exchange here until it crashed. Is it intended to extend the remit of the Act in respect of that type...

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

Joan Burton: I move amendmentNo. 8: In page 12, line 31, after "1942" to insert the following: "(as amended by section 26 of the Central Bank and Financial Services Authority of Ireland Act 2003)". This is a technical amendment, but I would like the Minister to comment on the section.

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

Joan Burton: The Financial Services Ombudsman has provided a mechanism for people who have been badly treated by banks, financial institutions and insurance institutions to seek to have consumer issues redressed. Is the Minister aware that the Financial Services Ombudsman has recently withdrawn from an investigation that he had undertaken on people transferring insurance products? The suggestion is that...

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

Joan Burton: I move amendment No. 9: In page 14, lines 11 and 12, to delete "Acts 1990 and 2000" and substitute "(Amendment) Act 2000". These are technical amendments in respect of the proposed amendment to the Act. It is unorthodox drafting practice to amend a collective citation rather than a specific Act. The Act being amended by this section is the National Treasury Management Agency (Amendment) Act...

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

Joan Burton: I move amendmentNo. 10: In page 14, paragraph (a), lines 13 and 14, to delete all words from and including "of" in line 13 down to and including "2000" in line 14.

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

Joan Burton: I move amendmentNo. 11: In page 14, paragraph (b), lines 19 and 20, to delete all words from and including "of" in line 19 down to and including "2000" in line 20.

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

Joan Burton: I move amendmentNo. 12: In page 14, paragraph (c), lines 25 and 26, to delete all words from and including "of" in line 25 down to and including "2000" in line 26.

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

Joan Burton: I move amendmentNo. 13: In page 14, paragraph (d), lines 38 and 39, to delete all words from and including "of" in line 38 down to and including "2000" in line 39.

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

Joan Burton: I move amendmentNo. 14: In page 15, paragraph (e), lines 11 and 12, to delete all words from and including "of" in line 11 down to and including "2000" in line 12.

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

Joan Burton: I move amendmentNo. 15: In page 15, paragraph (f), lines 15 and 16, to delete all words from and including "of" in line 15 down to and including "2000" in line 16.

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

Joan Burton: During the debate on Second Stage on 2 October I repeated a question I put to the Minister last year, namely, whether he proposed to introduce regulation of banks and financial institutions which do not take deposits but choose instead to concentrate on lending. Last year, he vigorously defended his decision to exclude these institutions from the regulatory framework. I welcome his change...

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

Joan Burton: I move amendmentNo. 1: In page 3, subsection (1)(a), to delete line 29. This is a technical amendment which will delete the reference to "an Act". Irish investment services law is defined as measures specified or enacted by an Act or any other enactment. This seems circular and repetitious so why not just say "an Act or any statute or enactment". This is the case in section 3, subsection...

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

Joan Burton: I move amendmentNo. 2: In page 5, subsection (4)(a), line 8, after "offence," to insert the following: "in particular any penalty provided by regulation 188 of the European Communities (Markets in Financial Instruments) Regulations 2007 (S.I. No. 60 of 2007),". This area of the Bill provides for a €10 million fine for failing to retain records and other offences, some of which could be...

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

Joan Burton: It was based here, though.