Dáil Éireann debate -
Tuesday, 29 Apr 1997

Vol. 478 No. 4

Written Answers. - EU Directives.

Frances Fitzgerald

Question:

41 Ms F. Fitzgerald asked the Minister for Finance the EU directives coming wholly or partly under the auspices of his Department that are not currently fully implemented; the reference number and subject matter of each directive; the deadline for implementation set out in the directive; whether it is proposed to implement the directive by means of a Bill or by statutory instrument; and when it is proposed to implement the directive. [11357/97]

Minister for Finance (Mr. Quinn)

There are three EU directives coming wholly or partly under the auspices of my Department that are not currently fully implemented. The details are as follows:

Directive 97/5/EC of the European Parliament and of the Council on Cross-Border Credit Transfers.The directive was adopted on 20 December 1996 and entered into force on 27 January 1997. It must be implemented within 30 months of its entering into force, i.e., 26 July 1999.

The directive provides for the issue and settlement of cross-Border credit transfers from one credit institution to another. It includes a number of consumer protection measures, such as a minimum period in which transfers must be completed; interest payments in the event of a delay in a transfer; reimbursement in cases of "lost" transfers; and full transparency in relation to the terms and conditions of transfers.

It is proposed that the directive will be implemented by statutory instrument in good time.

Directive 97/9/EC of the European Parliament and of the Council on investor compensation schemes. The directive was adopted on 3 March 1997 and came into force on 26 March 1997. It must be implemented within 18 months of the date on which it came into force, i.e., 26 September 1997.

It is proposed to implement the directive in the Investor Compensation Bill, which is being prepared by my Department in consultation with the Department of Enterprise and Employment, the Department of Justice and the Central Bank.

Council Directive 94/74/EC on the general arrangements for products subject to excise duty was due for implementation on 30 June 1995. The main provisions of the directive were implemented in the Finance Act, 1995 (sections 99 to 102). The remaining applicable provisions are being implemented administratively and will be legislated for by regulation very shortly.