Dáil Éireann debate -
Wednesday, 28 Jan 1998

Vol. 486 No. 1

Written Answers. - Implementation of Legislation.

Ruairí Quinn

Question:

489 Mr. Quinn asked the Minister for Finance the Acts and provisions of Acts which are not in force due to the fact that a commencement order has not been made; whether an order will be made; if so, when this will occur; and if he will make a statement on the matter. [1082/98]

Minister for Finance (Mr. McCreevy):

The following legislative provisions are not yet in force.

Section 11 of the Superannuation and Pensions Act, 1976, which will repeal enactments mentioned in the Second Schedule to the Act has not been brought into force. Commencement of the section is dependent on the making of the principal Civil Service pension scheme.

Section 28 (4) of the Investment Intermediaries Act, 1995. It is not at present proposed to commence this subsection. In line with commitments given in the Oireachtas during the passage of the Bill, difficulties raised by the industry are being addressed in the context of legislating for an overall system of compensation for clients of investment firms in the proposed Investor Compensation Bill, currently being drafted.

Section 51 of the Investment Intermediaries Act, 1995. This section imposes a requirement on investment business firms to hold a bond. This requirement has not been commenced in respect of a number of categories of investment business firms and it is not proposed to commence the section in respect of such intermediaries. The proposed Investor Compensation Bill will make comprehensive provision for compensation in this area.

Section 75 of the Finance Act, 1996 has not yet come into force. It will come into effect on the enactment of the Greyhound Industry Bill.

Section 26 of the Finance Act, 1997 provides that the Minister for Finance, having consulted with the Minister for Public Enterprise and having received a proposal from or on behalf of a company intending to carry on qualifying trading operations in an area or areas immediately adjacent to seven airports, may designate by order that the areas in question be enterprise areas eligible for incentive tax reliefs and the designation order shall specify the qualifying period for the area. The airports in question are Cork, Donegal, Galway, Kerry, Knock, Sligo and Waterford. No orders have yet been made under the section.