The following are the EU directives, regulations and coventions in respect of which my Department has responsibility and which have not yet been transposed into or made part of Irish law.
Department of Finance
Council Regulation 2988/95 on the protection of the European Communities' financial interests sets out the broad framework for a system of administrative penalties in cases of irregularities committed against the EU budget.
The implementation of this regulation is currently being considered in conjunction with the Attorney General's office, with a view to the early implementation of this regulation.
Council Regulation 2382/96 repealing regulations (EEC) No. 990/93 and (EC) No. 2471/94 and concerning the termination of restrictions on economic and financial relations with the Federal Republic of Yugoslavia (Serbia and Montenegro), the United Nations protected areas in the Republic of Croatia and those areas of the Republic of Bosnia and Herzegovina under the control of Bosnian Serb forces.
As the Deputy will be aware, under the Treaty on European Union Council, regulations are directly applicable in all member states and this regulation is already being implemented by the Central Bank. The repeal of the relevant Statutory Instrument should be effected in the near future.
The provisions of the Treaty on European Union concerning monetary financing prohibit further Central Bank financing of the public sector. Provision is being made in the Central Bank Bill, 1996 for the deletion from various Acts governing Ireland's membership of various international organisations of provisions for borrowing by the Exchequer from the Central Bank to fund its contributions to those international organisations. It is expected that the Oireachtas will have completed its consideration of the Bill by the summer of 1997.