Written answers

Tuesday, 24 May 2016

Department of Finance

Central Bank of Ireland

Photo of Pearse DohertyPearse Doherty (Donegal, Sinn Fein)
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105. To ask the Minister for Finance the advisory opinions sought from the European Central Bank because domestic legislation affected the workings of the Central Bank; the length of time from the request until the opinion was received, by case; the legislative changes he made as a result; and if he will make a statement on the matter. [11438/16]

Photo of Michael NoonanMichael Noonan (Limerick City, Fine Gael)
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The following table sets out Central Bank of Ireland-related legislation on which advisory opinions have been sought from the European Central Bank, the date the opinions were sought, and the date the opinions were provided.

Consultation of the European Central Bank is a requirement of the Treaty on the Functioning of the European Union where the draft law relates to the Central Bank of Ireland and contains rules applicable to financial institutions, insofar as they materially influence the stability of financial institutions and markets.

The Treaty is silent on any obligation by national authorities to make legislative changes reflecting ECB opinions. However, invariably any ECB opinion would become part of the deliberative process as the draft legislation is presented and progressed through the Houses of the Oireachtas. Ultimately it is a matter for the Oireachtas to decide whether or not to make any legislative changes to the published draft law.

It should be noted that the ECB has, on occasion, provided opinions on legislation without a request from the Government, including independently or on request of a body other than the Minister/Department. Opinions have also been sought and provided in relation to matters other than Central Bank-related legislation. These have not been included in this response, however they may be found on the ECB's website here: .

LegislationDate opinion sought Date opinion received
Financial Emergency Measures in the Public Interest Bill 2015*23 October 2015 11 November 2015
Financial Services (Deposit Guarantee Scheme) Act 2009 and draft regulations transposing certain provisions of Directive 2014/49/EU9 October 201529 October 2015
Central Bank (Amendment) Bill 2014 8 December 2014 19 December 2014
Consumer Protection on the Sale of Loan Books Bill 201411 August 201412 September 2014
Public Service (Recruitment and Appointments) (Amendment) Bill 2013*6 January 201428 January 2014
Central Bank (Supervision and Enforcement) Bill 201124 June 20139 July 2013
Financial Emergency Measures in the Public Interest Bill 2013*27 May 2013 28 June 2013
Credit Reporting Bill 20126 November 201221 December 2012
Freedom of Information Bill 2012*6 September 201219 October 2012
Credit Reporting Bill 201224 August 20125 October 2012
Credit Union Bill 2012 18 July 2012 4 September 2012
Central Bank (Supervision and Enforcement) Bill 2011 18 May 2012 16 July 2012
Financial Emergency Measures in the Public Interest (Amendment) Bill 2011 and the Public Service Pensions (Single Scheme) and Remuneration Bill 2011*20 December 201126 January 2012
Central Bank and Credit Institutions (Resolution) (No 2) Bill 201128 September 201121 October 2011
Central Bank (Supervision and Enforcement Bill 201128 July 20119 September 2011
Central Bank and Credit Institutions (Resolution) Bill 201128 February 201126 April 2011
Credit Institutions (Stabilisation) Bill 201010 December 201017 December 2010
Central Bank Reform Bill 20109 April 201017 June 2010
Central Bank of Ireland Bill 2010 (draft heads)22 February 20107 April 2010
Draft law amending the law on Ireland's membership of the International Monetary Fund (Bretton Woods Agreements Act 1957 to 1999)27 January 20109 February 2010
Credit Institutions (Eligible Liabilities Guarantee) Scheme 200922 October 20099 November 2009
Draft amendments to the Central Bank Act 1942, to be included in the draft National Asset Management Agency Bill 200920 October 20094 November 2009
National Asset Management Agency Bill 2009 30 July 2009 31 August 2009
Credit Institutions (Guarantee of Eligible Debt Securities) Scheme 2009 and Section 17 of the Financial Measures (Miscellaneous Provisions) Bill 2009 18 June 200925 June 2009
National Pensions Reserve Fund (Amendment) and Miscellaneous Provisions Bill 2009 23 February 2009 25 February 2009
Financial Services (Deposit Guarantee Scheme) Bill 2008 accompanied by the draft European Communities (Deposit Guarantee Schemes)(Amendment) Regulations 200830 October 200817 November 2008
Credit Institutions (Financial Support) Scheme 2008 10 October 200815 October 2008
Credit Institutions (Financial Support) Bill 20081 October 20083 October 2008
Asset Covered Securities (Amendment) Bill 2007 25 January 2007 14 February 2007
Central Bank and Financial Services Authority of Ireland Bill (No. 2) 200324 September 200319 November 2003
Central Bank and Financial Services Authority of Ireland Bill 200216 April 20025 June 2002
Amendment to the Economic and Monetary Union Act 199811 January 20021 February 2002
Dormant Accounts Bill 200114 May 200131 May 2001
Mortgage and Public Credit Bond Bill (preliminary draft)14 March 200125 April 2001

*Opinion sought by the Minister for Public Expenditure and Reform

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