Results 12,741-12,760 of 19,445 for speaker:Brian Cowen

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

Brian Cowen: I move amendmentNo. 5: In page 7, subsection (1), line 4, to delete "38(4), 58(9), 59(8), 60(6), 61(3)," and substitute "58(9), 59(8), 60(6),". In the Bill as published, regulations 38(4) and 61(3) were included in the list in section 9 dealing with penalties for conviction on indictment of the Reinsurance Regulations 2006. The severe nature of the penalties for indictable offences in the...

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

Brian Cowen: Regulation 38(4) is for the failure of a special purpose reinsurance vehicle to comply with certain requirements. Regulation 61(3) refers to the failure of a reinsurance undertaking to comply with the solvency rules made by the bank. The Financial Regulator suggests they should be treated in that way.

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

Brian Cowen: On summary conviction rather than an indictable offence.

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

Brian Cowen: We have already discussed section 9 and I have explained the background to all of this. These are technical areas and from time to time we can all be at a disadvantage in some respects as regards these matters. I take the Deputy's point. The ambit and scope of this section indicates that this is the way to deal with these particular areas, as the Financial Regulator has suggested. We are...

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

Brian Cowen: Section 10 is essentially a technical amendment to update the Netting of Financial Contracts Act 1995 to provide for the extension of the protection afforded by that Act by expanding the range of financial contracts that may be encompassed. The Netting of Financial Contracts Act 1995 provides protection for netting or set-off arrangements between parties to contracts involving certain...

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

Brian Cowen: It remains a definition of a financial contract by expanding the range of financial contracts that may be covered by the Netting of Financial Contracts Act. I do not have a more detailed note on this but can get one for the Deputy on Report Stage.

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

Brian Cowen: I am reliably advised that it is.

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

Brian Cowen: The financial contracts now incorporated by way of updating our definitions under the Netting of Financial Contracts Act 1995 are set out in the section. That is only ten years old. There has been significant innovation in this area such as interest rate contracts, which are one or more of single currency interest rate swaps, forward rate agreements, and interest rate futures. There is a...

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

Brian Cowen: I move amendmentNo. 6: In page 11, paragraph (a), line 33, to delete "after section 3" and substitute "before section 4". These amendments contain two technical drafting corrections which are required in section 12.

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

Brian Cowen: I move amendmentNo. 7: In page 12, line 2, to delete "subsection (3)" and substitute "subsection (1)".

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

Brian Cowen: Section 12 is a technical amendment to secure Oireachtas approval for a simplification of the State ownership structure of Icarom plc, under administration, by removing the holding company Sealúchais Árachais Teoranta, SAT, from the structure. When the Insurance Corporation of Ireland, ICI, got into difficulties in March 1985 an administrator was appointed to place the company on a sound...

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

Brian Cowen: The purpose of the change is to allow for a rationalisation of the current structure under which the remaining business of ICI is administered. The direct effect of the inclusion of this amendment would be to allow me to wind up the SAT holding company. That acts as a holding company for another company called Icarom, which in turn administers the remaining insurance business of the former...

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

Brian Cowen: The amendment seeks to insert "section 26 of the Central Bank and Financial Services Authority of Ireland Act 2003" after the words "Central Bank Act 1942". I have already stated that I have been advised that amendments such as these are unnecessary. The Central Bank Act 1942 was amended on numerous occasions, not just by section 26 of the Central Bank and Financial Services Authority of...

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

Brian Cowen: Section 13(a) and (b) will give the Financial Regulator a legal right, subject to EU confidentiality constraints, to disclose confidential information to the National Consumer Agency for the performance of the agency's functions as provided for in the Consumer Protection Act 2007. Section 13(c) extends the deadline for submission of its annual budget by the Financial Regulator from the end...

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

Brian Cowen: I am providing for one month extra, given the complexities involved.

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

Brian Cowen: It is true that they have a good relationship. If an issue arose in the normal course of events that the ombudsman felt the regulator should know about, the ombudsman would inform him. This section seeks to underpin his independence. It is not a question that he be spoken to by the Financial Regulator. It is part of the need to reinforce the independence of these ombudsmen from other...

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

Brian Cowen: I cannot accommodate this suggestion at such short notice. I have not yet received any correspondence from the Financial Services Ombudsman on this issue. However, I also read the reports in question and it is clear a judicial review took place of a decision made by the ombudsman as to how wide an application a recommendation in respect of a specific incident he investigated would have....

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

Brian Cowen: All actions are subject to judicial review, if necessary, by affected parties. They go before the courts, which decide on what is the issue on the merit of the case.

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

Brian Cowen: Many decisions go in favour of the ombudsman, while others may not. In fairness, not many are challenged. As Deputy Burton noted, he has been highly active and has been building a good reputation regarding the assiduousness with which he follows up cases on behalf of citizens. I have much time for the gentleman personally. This issue must be looked into and checked carefully before one can...

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

Brian Cowen: I propose to take amendments Nos. 9 to 15, inclusive, together and to accept them, thereby amending section 14 of the Bill, which provides for a number of amendments to the legislation covering the National Treasury Management Agency. The amendments change the technical legal references to the legislation being amended and I am advised they are acceptable. As for acceptance of these...