Gerald Nash (Louth, Labour)
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238. To ask the Minister for Finance when he hopes to commence the provisions in the 2022 Finance Act in relation to the key employee engagement programme; the nature of any conversations he is having with the European Commission on this area; and if he will make a statement on the matter. [42246/23]

Michael McGrath (Cork South Central, Fianna Fail)
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As the deputy is aware, KEEP is a notified State aid. Accordingly approval from the European Commission is required before any amendments to the scheme can be commenced. Six amendments were introduced in Finance Act 2022. Approval from the European Commission was received for two of the amendments and these amendments were commenced at the end of 2022. The remaining four amendments are awaiting State aid approval.

My officials continue to engage with the European Commission regarding the four outstanding amendments, however it is not possible to provide an exact timeframe for when approval will be received. When approval is received the amendments will be commenced by Ministerial Order.

Rose Conway-Walsh (Mayo, Sinn Fein)
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240. To ask the Minister for Finance if the EU's Consumer Credits legislation, recently passed by the European Parliament, will necessitate any changes in domestic law; and if he will make a statement on the matter. [42356/23]

Michael McGrath (Cork South Central, Fianna Fail)
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The Deputy may wish to note that this issue was addressed in the Financial Consumer Protection Roadmap which my Department published on 13th September.

The revised Consumer Credit Directive will enter into force on the 20th day after its publication in the Official Journal of the EU. Member states will then have 2 years to adopt necessary laws and administrative provisions (transposition) and 3 years to apply them.

Some of the definite required changes will include: expanding the scope of the current legislation to include credits up to €100,000 (previously €50,000 under the 2008 directive); changes to the information which must be provided to a consumer before entering into a contract with a lender; and, rules on the use of health data on certain diseases being used for decisions on insurance contracts linked to certain credit contracts.

The full extent of changes required in domestic legislation will be determined and addressed during the transposition timeframe.