Written answers
Tuesday, 24 January 2017
Department of Finance
Legislative Programme
Pearse Doherty (Donegal, Sinn Fein)
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153. To ask the Minister for Finance the purpose of each item of legislation listed in the legislative programme for his Department. [3188/17]
Michael Noonan (Limerick City, Fine Gael)
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The following table sets out the purpose of each piece of legislation under my Department which is listed on the Government Legislation Programme for the Spring/Summer Session 2017.
| Title | Purpose |
|---|---|
| Financial Services and Pensions Ombudsman Bill | The purpose of the legislation is to amalgamate the Financial Services Ombudsman and the Pensions Ombudsman. The proposed Bill will amend, update and restate the existing legislation to form one office dealing with pensions and financial services complaints. |
| Asian Infrastructure Investment Bank Bill | The purpose of the legislation is to allow for Ireland's potential membership of the Asian Infrastructure Investment Bank (AIIB). |
| Title | Purpose |
|---|---|
| Taxation and Certain Other Matters (International Mutual Assistance) Bill | The purpose of the legislation is to transpose elements of the OECD Mutual Convention on Administrative Assistance and the EU/Switzerland Anti-Fraud Agreement. Both of these international agreements have been signed up by Ireland and related primarily to mutual assistance and exchange of information between countries. Some of the provisions of the agreements have been transposed into Irish law already and this Bill would complete the transposition of both these agreements. |
| Asian Infrastructure Investment Bank Bill | The purpose of the legislation is to allow for Ireland's potential membership of the Asian Infrastructure Investment Bank (AIIB). |
| Investment Limited Partnership (Amendment) Bill | The purpose of the legislation is to amend certain existing collective investment scheme legislation - the Investment Limited Partnership Act 1994 and the Limited Partnership Act 1907. The proposals are consistent with IFS 2020 and are intended to promote the establishment of new private equity and venture capital funds in Ireland. It is also intended to make certain technical amendments to the Irish Collective Asset-Management Vehicles Act 2015. |
| Title | Purpose |
|---|---|
| Insurance (Amendment) Bill 2017 | The purpose of the legislation is to implement the Report of the Review of the Framework for Motor Insurance Compensation in Ireland which was published on 22 July. This review was carried out jointly by the Department of Finance and the Department of Transport, Tourism and Sport. It was approved by both Ministers and noted by Government on 19 July. |
| Central Bank Consolidation Bill | The purpose of the legislation is to consolidate the corpus of the Central Bank Acts into one statute. |
| Green Climate Fund Bill | The purpose of the legislation is to give effect to Ireland's membership of the UNFCCC Green Climate Fund, further to a Government Decision. |
My Department has two items on the list of Bills which were enacted since the Government came to office on 6th May 2016. These are set out in the following table.
| Title | Purpose |
|---|---|
| Finance Act 2016 | The purpose of the legislation is to give statutory effect to Budget day decisions. |
| Finance (Certain European Union and Intergovernmental Obligations) Act 2016 | The purpose of the legislation is to enable the state to enter into an agreement with the Single Resolution Board concerning the lending of sums by the State to the Single Resolution Board in circumstances where, after disposal of the latter's funds in the manner set out in Article 5(1) of the Agreement on the Transfer and Mutualisation of the Agreement on the Transfer and Mutualisation of Contributions to the Single Resolution Fund done at Brussels on 21 May 2014, such disposal is not sufficient to meet the costs of a resolution action referred to in that Article, and to enable, for the foregoing purpose, the making of payments from the Central Fund or the growing produce of that Fund of sums, not exceeding, in the aggregate, a certain amount, to that Board. The legislation also amends Chapter 2 of Part 23 of the Companies Act 2014 for the purpose of implementing certain European Union law on market abuse and, in particular, Directive 2014/57/EU of 16 April 2014. |
The Finance Act 2016 also appears on the list of Bills which were published since the Government came to office on 6th May 2016.
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