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Dáil Éireann debate -
Wednesday, 19 May 1999

Vol. 505 No. 1

Written Answers. - Proposed Legislation.

Ruairí Quinn

Question:

148 Mr. Quinn asked the Minister for Finance the proposals for legislation being prepared under the auspices of his Department where heads have not yet been approved by the Government; and if he will make a statement on the matter. [13275/99]

Ruairí Quinn

Question:

149 Mr. Quinn asked the Minister for Finance the proposals for legislation being prepared under the auspices of his Department where heads have been approved by Government; the expected date of publication; and if he will make a statement on the matter. [13293/99]

I propose to take Questions Nos. 148 and 149 together.

On 15 April 1999 the Government Chief Whip issued a press release announcing details of the Government's legislation programme. Some of the Bills referred to in the press release are at an initial stage of preparation and may not be published before the end of the year.

My Department is working on the following legislation in respect of which heads have been approved by the Government: Valuation Bill, Standards in Public Office Bill, Ombudsman (Amendment) Bill, Central Bank Bill, Customs and Excise Mutual Assistance Bill, and Stamp Duty Consolidation Bill.

My Department is also working on the following legislation in respect of which the Government has not yet approved heads: Ordnance Survey Bill, ICC Bill, ACC/TSB Bank Bill, Central Treasury Bill, Appropriation Bill, National Treasury Management Agency (Amendment) Bill, and International Development Association Bill.

My Department is examining the issue of dormant accounts and preparing proposals designed to resolve the legal issues involved. I expect to be in a position shortly to submit a proposal to Government to deal with sums of money left dormant in accounts for long periods of time.

A number of amendments are being considered to legislation dealing with financial regulation: Investor Compensation Act, 1998, Investment Intermediaries Act, 1995, Central Bank Act, 1989. These include chances proposed by the Central Bank and by the Departments of Enterprise, Trade and Employment and of Justice, Equality and Law Reform. Consideration is being given to implementing the non-mandatory provisions of Directive 95/26/EC – the so-called BCCI directive – and Directive 98/26/EC on settlement finality in payment and security settlement systems, within this possible legislation.
I expect to receive the report of the SRA implementation advisory group shortly and the question of implementing its recommendations via primary legislation will have to be considered.
A technical amendment to the British-Irish Agreement Act, 1999 will be necessary because of the change in the status of the peace programme which will no longer be a Community initiative in the new round of EU Structural Funds.
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