Results 181-200 of 6,983 for speaker:Jim O'Callaghan

Joint Oireachtas Committee on Education and Skills: North-South Student Mobility: Discussion (Resumed) (27 Feb 2024)

Jim O'Callaghan: It is more attractive to have an offer that has been made already. Does anybody else have a view on that?

Joint Oireachtas Committee on Education and Skills: North-South Student Mobility: Discussion (Resumed) (27 Feb 2024)

Jim O'Callaghan: The real difference between the two systems is that in Northern Ireland a student will get a conditional acceptance. No matter how much we expedite the process in respect of the CAO and leaving certificate results, we will never be able to get it back to before June.

Joint Oireachtas Committee on Education and Skills: North-South Student Mobility: Discussion (Resumed) (27 Feb 2024)

Jim O'Callaghan: Do applicants get that early in the year?

Joint Oireachtas Committee on Education and Skills: North-South Student Mobility: Discussion (Resumed) (27 Feb 2024)

Jim O'Callaghan: I thank everyone.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: General Scheme of the Access to Cash Bill 2024: Discussion (27 Feb 2024)

Jim O'Callaghan: I thank our guests for coming before the committee. It is interesting legislation and I am sure it was difficult to draft. I would like to clarify several areas in my own mind. The purpose of the legislation is to give statutory power to the Central Bank to impose conditions on certain entities to ensure there is access to cash at ATMs. Is that a fair assessment of it in broad terms?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: General Scheme of the Access to Cash Bill 2024: Discussion (27 Feb 2024)

Jim O'Callaghan: The Department is satisfied that no such statutory powers are currently held by the Central Bank that would enable it to undertake this task and new legislation is needed.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: General Scheme of the Access to Cash Bill 2024: Discussion (27 Feb 2024)

Jim O'Callaghan: Regarding the purpose of the legislation, I think it has identified four entities on which the Central Bank may be able to impose conditions. The first of these is designated entities under head 9. Am I correct in saying these are exclusively credit institutions?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: General Scheme of the Access to Cash Bill 2024: Discussion (27 Feb 2024)

Jim O'Callaghan: Okay. The definition of a "designated entity" is set out in head 9.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: General Scheme of the Access to Cash Bill 2024: Discussion (27 Feb 2024)

Jim O'Callaghan: I am just trying to get this clear in my own mind because it is an interesting piece of legislation. Part 2, to a large extent, in heads 6 to 10, deals with designated entities, while Part 3 deals with the CIT companies and ATM deployers. Is that correct?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: General Scheme of the Access to Cash Bill 2024: Discussion (27 Feb 2024)

Jim O'Callaghan: The Department's concern is that there is no requirement now for many CIT and ATM deployers to register with the Central Bank and it wishes to put in place a statutory process for them to do so.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: General Scheme of the Access to Cash Bill 2024: Discussion (27 Feb 2024)

Jim O'Callaghan: I welcome this fact. It appears that it is just not the credit institutions that are designated entities that will be covered by the new powers to be given to the Central Bank, as other entities that have not been regulated up to now will also be included.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: General Scheme of the Access to Cash Bill 2024: Discussion (27 Feb 2024)

Jim O'Callaghan: Head 6 concerns reasonable access to cash. This is where the Minister does his assessment of what is required. It is just a general task the Minister must undertake to assess the level of ATM requirement in an area. The Minister does not take into account designated entities, ATM deployers and CIT companies in this regard.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: General Scheme of the Access to Cash Bill 2024: Discussion (27 Feb 2024)

Jim O'Callaghan: Okay. Head 8 gives the Central Bank the power to issue a notification to designated entities in respect of a local deficiency. Is this the head that will give the power to the Central Bank to issue a direction to designated entities stating there is a need for ATMs in a location?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: General Scheme of the Access to Cash Bill 2024: Discussion (27 Feb 2024)

Jim O'Callaghan: If there is a failure to comply with the draft direction, there will be an administrative fine or something to that effect.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: General Scheme of the Access to Cash Bill 2024: Discussion (27 Feb 2024)

Jim O'Callaghan: It is not a criminal offence.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: General Scheme of the Access to Cash Bill 2024: Discussion (27 Feb 2024)

Jim O'Callaghan: It is an administrative fine that is imposed.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: General Scheme of the Access to Cash Bill 2024: Discussion (27 Feb 2024)

Jim O'Callaghan: That makes sense, of course. In Part 3, a different system is needed. A new statutory requirement is being placed on the CIT companies and the ATM deployers to require them to register with the Central Bank. Under head 12, it will be a criminal offence if they do not do so. Is that correct?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: General Scheme of the Access to Cash Bill 2024: Discussion (27 Feb 2024)

Jim O'Callaghan: The way to pull them in, therefore, is to make them subject to registration.