Brian Hayes (Dublin South West, Fine Gael) | Oireachtas source

These amendments and the related Schedules are to provide for measures which will allow the Central Bank of Ireland greater capacity to co-operate with its counterparts in other countries. Specifically, these amendments must be enacted to permit the Central Bank to sign the International Organization of Securities Commissions multilateral memorandum of understanding, or MMOU. This must be done by year end. In light of the pressing end-of-year timeline for signing the MMOU, it has been necessary to effectively make these amendments part of this Bill.

The purpose of the MMOU is to allow the Central Bank to co-operate and share information with other regulators, including other securities commissions, around the world in accordance with international best practice.

The provisions being inserted into this Bill are currently part of the Central Bank (Supervision and Enforcement) Bill 2011, which is due to go to Committee Stage in the Dáil in January. The changes envisaged include: enacting section 53 of the Central Bank (Supervision and Enforcement) Bill, so that the Central Bank may use its powers on behalf of overseas regulators; enhancing and consolidating authorised officer provisions; and related provisions for guarding the Central Bank confidentiality regime.

Given that these amendments are not related to credit unions, it is necessary to amend the Short and Long Titles of this Bill to accommodate them. I wish to emphasise that the expeditious passage of the Credit Union Bill through this House is to allow for ¤250 million to be contributed to the credit union fund by year end, as there is no scope in the 2013 figures for it to be done after that. This money is essential for the restructuring process to get under way. We have already discussed this matter on Second Stage.

While the International Organization of Securities Commissions, IOSCO, requirements are urgent, they are not the cause of the accelerated timetable for the Bill. I acknowledge that on Second Stage, Members asked what was the rush and the rush is to get the money in place, because the Government has made provision for it in 2012. The end of 2012 is approaching and it is important that the money be put in place as part of the restructuring process. In respect of this group of amendments, the Government simply is bringing them forward in order that this important aspect of the Central Bank's work also can be part and parcel of this Bill.