Seanad debates
Tuesday, 26 April 2005
Investment Funds, Companies and Miscellaneous Provisions Bill 2005: Committee and Remaining Stages.
This is a related amendment concerning the reporting arrangements for the Central Bank under this part. The current draft provides for reporting to the Minister for Enterprise, Trade and Employment. However, under the Unit Trust Act 1990 the bank reports to the Minister for Finance. For consistency it is proposed to change the provision to require the bank to report on its functions to the Minister for Finance but to give a copy of this report to the Minister for Enterprise, Trade and Employment. This will avoid duplication of information being laid before the Oireachtas, given that the bank's annual reports to the Minister for Finance is required to be laid before the Oireachtas under section 6(1) of the Central Bank Act 1942, inserted by section 7 of the Central Bank and Financial Services Authority of Ireland Act 2003. I commend the amendment to the House.
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