Frances Fitzgerald
Question:181 Ms Fitzgerald asked the Minister for Finance the EU directives under the aegis of his Department that are outstanding and remain to be implemented in Irish law to date. [17975/00]
Written Answers. - EU Directives.
The following EU Directives are currently outstanding and have yet to be implemented by my Department:
Directive 98/31/EC of the European Parliament and of the Council of 22 June 1998, amends Directive 93/6/EEC (Capital Adequacy of investments firms and credit institutions).
Directive 98/32/EC of the European Parliament and of the Council of 22 June 1998, as regards in particular mortgages, amends Directive 89/647/EEC (solvency ratio for credit institutions).
Directive 98/33/EC of the European Parliament and of the Council of 22 June 1998 amends Directives 77/780/EEC (credit institutions), 89647/EEC (solvency ratio for credit institutions), and 93/6/EEC (Capital Adequacy of investment firms and credit institutions).
The provisions mainly relate to prudential regulation of credit institutions, i.e. ensuring that they follow sound business practices, particularly in relation to valuation of mortgages and other balance sheet items, so as to avoid the collapse of credit institutions.
The Central Bank has completed consultations with the financial services industry and will shortly issue the administrative orders to implement the provisions of these directives.
The deadline for implementation of the provisions is 21 July 2000, i.e. two years after publication in the official Journal of the European Communities. Implementation will be completed before this deadline.