Michael McGrath (Cork South Central, Fianna Fail)
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226. To ask the Minister for Finance when Ireland will comply with the transparency directive on disclosure of holdings in contracts for difference and other financial instruments; and if he will make a statement on the matter. [33483/14]

Michael Noonan (Limerick City, Fine Gael)
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Ireland, during its Presidency of the EU Council, steered the negotiations with the European Parliament on the revised Transparency Directive to successful conclusion. The new rules will prevent the secret building up of a holding 'hidden ownership' by requiring the disclosure of holdings of a wider range of instruments including contracts for differences, swaps, futures and other cash settled derivatives. The deadline for transposing the Transparency Directive is November 2015.

The Deputy will be aware that there is an extensive package of EU Financial Services legislation requiring transposition over the coming months and years. Meeting the various transposition deadlines will be challenging for Ireland and indeed for all member states. We, like other member states, will give immediate priority to transposing Banking Union legislation where the single supervisor mechanism needs to be implemented by the end of October and the resolution regulation needs to be transposed by the end of the year. Within this context every effort will be made to transpose the Transparency Directive in advance of November 2015 deadline.