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Dáil Éireann debate -
Thursday, 10 Dec 1998

Vol. 498 No. 3

Written Answers - Proposed Legislation.

John Gormley

Question:

67 Mr. Gormley asked the Tánaiste and Minister for Enterprise, Trade and Employment the implications for the proposed insurance Bill in view of the powers to provide a guarantee to the Central Bank contained in the Bretton Woods Agreement (Amendment) Bill, 1998; and if she will make a statement on the matter. [27157/98]

The Insurance Bill, 1998, which is being drafted at present, will provide for the transfer of responsibility for the regulation of insurance intermediaries from the Department of Enterprise, Trade and Employment to the Central Bank. This follows the enactment of the Investment Intermediaries Act, 1995 which provided for a similar transfer of regulatory responsibility in the case of investment intermediaries.

The Bretton Woods Agreement (Amendment) Bill, 1998, recently introduced by the Minister for Finance to the Dáil will, inter alia, enable him to take the necessary actions to guarantee the Central Bank against any losses it may incur under the Bank for International Settlements Facility in favour of Banco Central do Brazil. Irelands participation in the facility will cover the capital and interest elements of US$50 million — IR£34.3 million — already pledged following the approval of the Minister for Finance.

I am advised that there are no implications for the Insurance Bill arising from the provisions of the Bretton Woods Agreement (Amendment) Bill 1998.

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