Results 9,201-9,220 of 15,555 for speaker:Eoghan Murphy

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Single Resolution Board (Loan Facility Agreement) Bill 2016: Committee Stage (7 Jul 2016)

Eoghan Murphy: Exactly.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Single Resolution Board (Loan Facility Agreement) Bill 2016: Committee Stage (7 Jul 2016)

Eoghan Murphy: Delays that happened in the past were necessary because Oireachtas oversight was needed. We could be in a situation where we might not have the Oireachtas sitting for four weeks for whatever reason. If there was an election scenario it would be impossible to recall the Dáil because there would not be one. At the core of this is protecting taxpayers from any negative implications of a...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Single Resolution Board (Loan Facility Agreement) Bill 2016: Committee Stage (7 Jul 2016)

Eoghan Murphy: I thank the Deputy for the question. I will not confuse the BRRD with the Single Resolution Mechanism, which is separate. The SRM rulebook is based on the BRRD rulebook. I need to be careful with my language. The Italians want to avoid the bail-in of certain entities. The motivations for that are not quite clear. It is causing problems over there. That will be different from the...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Single Resolution Board (Loan Facility Agreement) Bill 2016: Committee Stage (7 Jul 2016)

Eoghan Murphy: Obviously, if those six nations wanted to meet and have discussions they were entitled to.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Single Resolution Board (Loan Facility Agreement) Bill 2016: Committee Stage (7 Jul 2016)

Eoghan Murphy: There are some legacy issues in the Italian banks that we have been working very hard to address, such as non-performing loans. The kind of progress one would like to see in the Italian banking system has not been made. They are now looking at a proposal where no liabilities will be bailed in first. That is not the approach we want to take. We believe it is part of a resolution. Part of...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Single Resolution Board (Loan Facility Agreement) Bill 2016: Committee Stage (7 Jul 2016)

Eoghan Murphy: This is a good amendment. I note that to be able to accept it there would need to be an administrative change to the text. The "or" between sections 6(2)(a) and 6(2)(b) would need to be removed.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Single Resolution Board (Loan Facility Agreement) Bill 2016: Committee Stage (7 Jul 2016)

Eoghan Murphy: Yes.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Single Resolution Board (Loan Facility Agreement) Bill 2016: Committee Stage (7 Jul 2016)

Eoghan Murphy: I move amendment No. 7: In page 5, between lines 4 and 5, to insert the following: “Amendment of Companies Act 2014 with respect to market abuse matters 7. The Companies Act 2014 is amended—(a) by the substitution of the following section for section 1365: “1365.(1) In this Chapter—‘Commission Implementing Directive’ means Commission Implementing...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Single Resolution Board (Loan Facility Agreement) Bill 2016: Committee Stage (7 Jul 2016)

Eoghan Murphy: It is not ideal, but we were up against a particular deadline. We were not aware that it needed to be primary legislation in the first instance and when that was brought to our attention, we felt we needed to work quickly so that there would be no potential period whereby the previous provisions applied, which involved far lower financial and imprisonment penalties. It was just to make sure...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Single Resolution Board (Loan Facility Agreement) Bill 2016: Committee Stage (7 Jul 2016)

Eoghan Murphy: The transposition date was 3 July. We need to get this into effect.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Single Resolution Board (Loan Facility Agreement) Bill 2016: Committee Stage (7 Jul 2016)

Eoghan Murphy: The transposition is done and we have the offence, but we want to bring the penalties up to this higher level. We have to do that as soon as possible. That is why, as Deputy Paul Murphy says, it is being shoehorned into this legislation which, of course, is not ideal. The important thing to achieve is to prevent there being a gap in the law.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Single Resolution Board (Loan Facility Agreement) Bill 2016: Committee Stage (7 Jul 2016)

Eoghan Murphy: To bring it up to the higher level is the intention.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Single Resolution Board (Loan Facility Agreement) Bill 2016: Committee Stage (7 Jul 2016)

Eoghan Murphy: I cannot speak to the advice the Minister was given directly at the time, but it came late in the drafting process. I am informed that it was around the uncertainty that might be there if a statutory instrument was used. That is why that was not done. We wanted to be certain we could impose what needed to be imposed. It is a large item of legislation involving complex interactions. That...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Single Resolution Board (Loan Facility Agreement) Bill 2016: Committee Stage (7 Jul 2016)

Eoghan Murphy: The use of a statutory instrument is not an attempt to avoid proper scrutiny by Parliament. It is just that in certain circumstances it is the preferred route. In so far as what happened in terms of the interactions in drafting where the SI was seen to be the more efficient route and that advice changed and at what stage, I would have to provide the Deputy with further information at a...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Single Resolution Board (Loan Facility Agreement) Bill 2016: Committee Stage (7 Jul 2016)

Eoghan Murphy: There are none of which I am aware. I can double check that for the Deputy.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Single Resolution Board (Loan Facility Agreement) Bill 2016: Committee Stage (7 Jul 2016)

Eoghan Murphy: I appreciate the Deputy's view that €10 million might be low, but actually it is higher than the amount being implemented in other EU countries. We can go higher if it is an administrative sanction. In such an instance it can be as high as €15 million, or 15% of the total annual turnover of the legal person according to the last available accounts it provided approved by the...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Single Resolution Board (Loan Facility Agreement) Bill 2016: Committee Stage (7 Jul 2016)

Eoghan Murphy: The 15% is for the administrative sanction of a legal person. It is stated specifically in section 41(1)(l) of SI 349 of 2016 on the European Union market abuse regulations of 2016. Section 41(1)(l) states:subject to Regulation 47(2), where the assessee is a legal person, a direction to pay to the Bank a monetary penalty not exceeding— (i) in the case of a contravention of Article...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Single Resolution Board (Loan Facility Agreement) Bill 2016: Committee Stage (7 Jul 2016)

Eoghan Murphy: This is for an administrative sanction covered by the statutory instrument whereas the Bill is for criminal sanctions.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Single Resolution Board (Loan Facility Agreement) Bill 2016: Committee Stage (7 Jul 2016)

Eoghan Murphy: I will make the information available on whether it is possible to bring these elements into the criminal sanctions.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Single Resolution Board (Loan Facility Agreement) Bill 2016: Committee Stage (7 Jul 2016)

Eoghan Murphy: If I could-----