Results 12,761-12,780 of 19,445 for speaker:Brian Cowen

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

Brian Cowen: I thank Deputies for their contributions regarding the motion and the proposed amendments. It is important that I bring forward legislation to regulate the sub-prime lending sector at the earliest opportunity. However, it is not possible to legislate for every possible interaction between a customer and a financial institution. Indeed, attempting to do so could stifle innovation and...

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

Brian Cowen: I always knew Deputy Bruton was amused by important documentation. Regarding the issue raised by Deputy O'Donnell on non-deposit taking lenders, it is important to point out that they do not hold deposits taken from the public. The question of prudential regulation, therefore, does not arise in that respect. We are regulating their dealings with their customers and, as I set out in my...

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

Brian Cowen: A problem certainly arose in Britain in that respect but it was not an issue in Ireland. In respect of the impact of the sub-prime market on global markets, it is important to note that the sub-prime market constitutes 15% of the US market but less than 1% here. From a practical point of view, it is important that home reversion products and activities such as lending on the basis of...

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

Brian Cowen: We have consulted the Office of the Parliamentary counsel and it has advised that it could be unsound to delete this term. Accordingly we cannot support the Deputy's amendment.

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

Brian Cowen: Regarding the amendment before us, the definition of Irish investment services law in section 3 already includes the specific regulations referred to in the Deputy's proposed amendment so there is no need to refer to that part of the regulations, namely Regulation No. 188, which deals with summary offences. The Office of the Parliamentary Counsel agrees with this analysis and we are,...

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

Brian Cowen: Special investment vehicles are not regulated anywhere. Ireland has a good reputation for its financial services sector. The Deputy mentioned the importance of providing long-term employment in top quality jobs and I am glad to say that as a result of creating the financial services centre, an innovation this party was maligned for at the time, there are more than 25,000 well-paid jobs in...

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

Brian Cowen: I referred to acts of dishonesty by individuals who interact with the regulatory regime through authorised officers and others. The €10 million fine and-or imprisonment of ten years and making it an indictable offence are of sufficient deterrent effect to ensure people comply with the regulations as we set them out. On the situation in respect of those who do not comply with the MiFID...

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

Brian Cowen: Ormond Quay Funding was not regulated in this country and there was no liability, potential or otherwise, imposed on the Irish regulatory regime.

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

Brian Cowen: I move: "That, pursuant to Standing Order 127, it be an instruction to the Committee on the Markets in Financial Instruments and Miscellaneous Provisions Bill 2007, that it has power to make provision in the Bill: to repeal sections 9 and 10 of the Insurance Act 1936 and to make consequential amendments to the European Communities (Non-life Insurance) Regulations 1976 and the European...

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

Brian Cowen: Given the Deputy's particular interest in that area, I am most surprised.

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

Brian Cowen: It was a matter of constant criticism.

Written Answers — Tax Collection: Tax Collection (16 Oct 2007)

Brian Cowen: I have been advised by the Revenue Commissioners that 401 cases were selected for random audit as part of their 2007 programme. As of 30 September 2007, 148 cases have been concluded, 253 cases are still ongoing. In 2006, 402 cases were selected for random auditing and 352 of these cases have been completed leaving 50 cases ongoing. In 2005, 410 cases were selected for random audit. Of...

Written Answers — Carbon Budget: Carbon Budget (16 Oct 2007)

Brian Cowen: The Programme for Government states that the Tánaiste and Minister for Finance will present an outline carbon report, referred to as a carbon budget, in conjunction with the annual financial budget. The Programme for Government also states that the Minister for the Environment, Heritage and Local Government, will follow the carbon budget with a report outlining our use of energy in the...

Written Answers — Price Inflation: Price Inflation (16 Oct 2007)

Brian Cowen: I will set out my pre-Budget outlook later this week. However, at this stage I can once again reiterate that I do not subscribe to the more gloomy views of the economy that are currently abroad. Inflation, as measured by the CPI was 4.6 per cent in the twelve months to September, down from 4.8 per cent in August 2007. Although the annual rate of inflation has increased in the past year,...

Written Answers — Tax Code: Tax Code (16 Oct 2007)

Brian Cowen: I will be bringing proposals to Government in the near future on matters relating to the establishment of the proposed Commission on Taxation including its membership and terms of reference. The Commission will be specifically charged with considering and making recommendations on the following: Examine the balance achieved between taxes collected on income, capital and spending and report...

Written Answers — Tax Code: Tax Code (16 Oct 2007)

Brian Cowen: The Programme for Government signals that a carbon tax/levy would be introduced over the lifetime of this Government. The matter of the introduction of a carbon tax is one of the issues to be considered by the new Commission on Taxation to be established under the Programme. Consequently, at this stage, the precise design of such a tax has yet to be determined. This will, of course, form...

Written Answers — Departmental Reports: Departmental Reports (16 Oct 2007)

Brian Cowen: Hay Management Consultants were commissioned to size the chief executive positions of all the commercial State bodies by reference to comparable positions in the private sector and rank them according to job score. Based on an analysis of rates across the private sector for jobs of comparable size, Hay identified median rates for the various job score level. They recently submitted their...

Written Answers — Official Engagements: Official Engagements (16 Oct 2007)

Brian Cowen: The Board of Governors of the International Monetary Fund (Fund) and the Boards of Governors of the World Bank Group (Bank) normally meet once a year to discuss the work of their respective institutions. I will attend the meeting to be held this year in Washington and will speak on behalf of Ireland. In addition there are meetings of the International Monetary and Financial Committee...

Written Answers — Financial Services Regulation: Financial Services Regulation (16 Oct 2007)

Brian Cowen: I propose to take Questions Nos. 98 and 122 together. The Irish deposit protection scheme is based on the harmonised arrangements set out in the EU Deposit Guarantee Schemes Directive 94/19/EC. The Directive currently provides for a minimum level of protection of €20,000 or 90% of the loss incurred by a depositor when a credit institution cannot repay funds, whichever is the lesser. The...

Written Answers — Public Service Pay: Public Service Pay (16 Oct 2007)

Brian Cowen: The first Public Service Benchmarking Body was established as an independent body in July 2000 under the terms of the Programme for Prosperity and Fairness to examine public service pay and jobs by comparison with the private sector. The Body reported in June 2002 and recommended varying levels of pay increases for the grades examined, with the average increase being 8.9%. The cumulative...