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 Header Item Central Bank (Supervision and Enforcement) Bill 2011: Report and Final Stages (Continued)
 Header Item Business of Dáil

Thursday, 13 June 2013

Dáil Éireann Debate
Vol. 806 No. 3

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(Speaker Continuing)

[Deputy Brian Hayes: Information on Brian Hayes Zoom on Brian Hayes] Section 14 states that this offence is a hybrid offence that can be tried summarily or on indictment. Currently, subsection 4 of section 14 states that proceedings of a summary offence under this section may be brought and prosecuted by the bank. The intention was to allow the bank to prosecute summarily all offences committed under this section. However, the reference to proceedings for a summary offence is misleading as the offence concerned is not a summary offence but a hybrid offence that can be prosecuted either summarily or on indictment. This amendment, therefore, seeks simply to clarify that the bank may institute summary proceedings in respect of the offence in question.

Amendment No. 96 is a drafting amendment similar to amendment No. 93. Subsection 3 of section 9 of the Financial Services (Deposit Guarantee Scheme) Act 2009 states that proceedings for a summary offence under the Act may be brought and prosecuted by the bank. The intention was to allow the bank to prosecute summarily an offence committed under the Act. However, the reference to proceedings for a summary offence is misleading, as I said earlier, and might prevent the bank from instituting a prosecution in respect of a hybrid offence that can be tried either summarily or on indictment. This amendment, therefore, seeks to clarify that the bank may institute summary proceedings in respect of an offence under the Act.

Amendment No. 98 relates to the European Communities (Information on the Payer Accommodating Transfer of Funds) Regulations of 2007 which allow the Central Bank to appoint authorised officers endowed with various stated powers for the purpose of enforcing compliance with the provisions of these regulations. Amendment No. 98 amends the said regulations to replace the authorised officer powers contained therein with the authorised officer powers contained in Part 3 of the Bill. Amendments Nos. 94, 95, 97, 99, 100 and 101 are simply drafting amendments.

  Amendment agreed to.

Deputy Brian Hayes: Information on Brian Hayes Zoom on Brian Hayes I move amendment No. 94:



    In page 75, between lines 19 and 20, to insert the following: "
    1 Section 90 In subsections (1) and (3) substitute “Part 3 of the Central Bank (Supervision and Enforcement) Bill 2013” for “Part 5 of the Central Bank Reform Act 2010”.

  Amendment agreed to.

Deputy Brian Hayes: Information on Brian Hayes Zoom on Brian Hayes I move amendment No. 95:

In page 75, line 41, to delete "section 20" and substitute "section 21".

  Amendment agreed to.

Deputy Brian Hayes: Information on Brian Hayes Zoom on Brian Hayes I move amendment No. 96:



    Section 5(2).
    PART 4

    Amendment of Financial Services (Deposit Guarantee Scheme) Act 2009
    Item

    (1)
    Provision affected

    (2)
    Amendment

    (3)


    1


    Section 9


    Substitute the following for subsection (3):“(3) Summary proceedings for an offence under this Act may be brought and prosecuted by the Bank.”.
"

  Amendment agreed to.

Deputy Brian Hayes: Information on Brian Hayes Zoom on Brian Hayes I move amendment No. 97:

In page 77, line 13, after "Bank" to insert "Reform".

  Amendment agreed to.

Deputy Brian Hayes: Information on Brian Hayes Zoom on Brian Hayes I move amendment No. 98:



    In page 77, after line 37, to insert the following:

    Section 5(3).
    PART 3

    Amendments of European Communities (Information on the Payer Accompanying Transfers of Funds) Regulations 2007
    Item

    (1)
    Provision affected

    (2)
    Amendment

    (3)


    1


    Regulation 1


    Insert the following definition:

    “ ‘authorised officer’ means an authorised officer appointed under Part 3 of the Central Bank (Supervision and Enforcement) Act 2013;”.


    2


    Regulation 4


    Substitute the following for Regulation 4:

    “4. For the purpose of ensuring compliance with the Parliament and Council Regulation, an authorised officer may exercise any of the powers conferred on him or her under Part 3 of the Central Bank (Supervision and Enforcement) Act 2013.”.
"

  Amendment agreed to.

Deputy Brian Hayes: Information on Brian Hayes Zoom on Brian Hayes I move amendment No. 99:

In page 79, line 30, to delete "paragraph (3)" and substitute "subparagraph (3)".

  Amendment agreed to.

Deputy Brian Hayes: Information on Brian Hayes Zoom on Brian Hayes I move amendment No. 100:

In page 81, lines 3 and 4, to delete "foregoing matters" and substitute "matters referred to in clauses (a) to (e)".

  Amendment agreed to.

Deputy Brian Hayes: Information on Brian Hayes Zoom on Brian Hayes I move amendment No. 101:

In page 82, line 3, to delete "clauses (a), (b), (c), (d), (e) and (f)" and substitute "clauses (a) to (f)".

  Amendment agreed to.

  Bill, as amended, received for final consideration.

  Question proposed: "That the Bill do now pass."

Minister of State at the Department of Finance (Deputy Brian Hayes): Information on Brian Hayes Zoom on Brian Hayes I thank the Members opposite. It is fair to say that this Bill has been hanging around for quite some time and has been the subject of many Private Members' Bills. Two specific Bills emanating from Deputy Michael McGrath and many initiatives from Deputy Pearse Doherty have ultimately ended up in this legislation. It became a much larger Bill and, as a consequence, took far more time. I congratulate the Deputies opposite for sticking with this and helping the Minister ultimately produce a more thorough Bill as a result of the consultation and the amendments that were accepted. I also pay special tribute to officials in the Department of Finance who in the course of the past five years or so had to produce many pieces of legislation because of the financial crisis.

This legislation will radically change the way in which supervision and enforcement within the Central Bank are dealt with. The reason for our collapse was not just political. It was also a collapse of regulation, due diligence and confidence in the regulatory system. This legislation is a key component in modernising our law, giving the consumer the protection they need and giving financial institutions the clear instructions they also need in terms of a well-regulated financial services area in this country. I congratulate the Deputies opposite for their very constructive approach to this Bill and for their engagement with it.

Deputy Pearse Doherty: Information on Pearse Doherty Zoom on Pearse Doherty I thank the Minister of State for his engagement here on Report Stage and the Minister for his engagement on Committee Stage. There is no doubt that the Minister listened to the concerns of the committee. This is probably the most engaging Bill we have seen where the views of the Opposition such as Deputy Michael McGrath's Private Members' Bills and all bar one of the amendments and suggestions I put forward have been incorporated into the Bill. Hopefully, it will make the legislation more thorough. While all legislation is kept under review, this Bill needs to be formally reviewed on an ongoing basis because we know these institutions try to move ahead of the regulatory process. I would encourage officials to have formal reviews. I am not sure of the timeframe. I commend the officials. I know it has taken a long time to get this passed but at least it will be passed and we will, hopefully, have better regulation as a result.

Deputy Michael McGrath: Information on Michael McGrath Zoom on Michael McGrath This is a critically important piece of legislation. I also thank the Minister of State, the Minister and the officials from the Department. In particular, I thank them for taking on board some of our suggestions concerning the regulation of debt management advisory firms and the Financial Services Ombudsman being given the power to publish some details of complaints concerning financial services providers. Both of those measures will greatly enhance the protections available to consumers and are a very significant step forward. I thank the Government for accepting the thrust of those proposals.

  Question put and agreed to.

Business of Dáil

Acting Chairman (Deputy Catherine Byrne): Information on Catherine Byrne Zoom on Catherine Byrne I ask the Minister of State to move the suspension of the sitting until 3.42 p.m.

Deputy Catherine Murphy: Information on Catherine Murphy Zoom on Catherine Murphy On a point of order, the Dáil will be suspended for several hours. The way business is ordered will be a cost on the Exchequer, which is very regrettable.

Acting Chairman (Deputy Catherine Byrne): Information on Catherine Byrne Zoom on Catherine Byrne That is not a point of order.

Deputy Catherine Murphy: Information on Catherine Murphy Zoom on Catherine Murphy The way business is ordered is very regrettable and again demonstrates that the Executive is controlling the business of the Dáil rather than the Legislature and I object to it.

  Sitting suspended at 1 p.m. and resumed at 3.40 p.m.


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