On correspondence, item No. 44 is an e-mail from the European budgets committee. Item No. 45 is an e-mail on excise duty from the European Commission, while item No. 46 is a letter from the finance committee to the German Bundestag regarding a conference. If any member wishes to attend, he or she should contact the secretariat. We will note these items.
Business of Joint Committee.
Deputy Ned O'Keeffe.
Even he is not too keen on going. Item No. 47 is a letter from Mr. John McFall, MP, chairman of the treasury committee of the House of Commons, thanking the joint committee for the invitation to visit on 8 February. Item No. 48 is a response from IFSRA regarding credit card use and debt.
Much attention has been drawn to credit card use and debt. It is not the appropriate time for a committee facing dissolution to discuss the issue. Who knows the committee members who will constitute the committee after the next general election? It is appropriate that the Joint Committee on Finance and the Public Service should address this issue in a focused manner. We are looking at record levels of personal indebtedness. The ease with which people can access credit card facilities means debt can accrue at the most expensive rates imaginable. It would be a useful exercise and a good public service to draw attention to the pitfalls and difficulties involved. I suggest that the committee discuss the issue and the related issue of sub-prime lending.
When can we do that?
All we can do is note it for the incoming committee.
We can propose that it be on the work programme for this year. We would all agree with that.
The next item is a response from the Minister, dated 14 February, to the joint committee's sixth interim report on the policy of commercial banks. We can note that response. We stressed that this was not a final report. It is a matter for the committee to revisit during the calendar year.
The next item is a letter re EU scrutiny. There is no proposal for scrutiny. The statutory instrument has already been circulated. This deals with the financial instruments directive.
One of the things we were looking for was international comparisons of interest rates to see how we are faring. The Financial Regulator says they are available, but they are not compiling any such comparative data.
Do you wish the committee to write to them for clarification?
We should ask if they can send us the latest cross country comparison they have regarding personal and small business lending rates across the euro zone.
We will ask for that information. We are not required to look at the statutory instruments, but I feel it is good practice that the committee should be aware of them. SI 60 2007 deals with the financial instruments directive. SI 110 deals with the National Treasury Management Agency and enables the delegation to the State Claims Agency of responsibility for the management of clinical negligence claims and risks incurred by health bodies. SI 107 relates to the exemption from additional services requirements allowing the credit unions to deal with PRSAs. SI 108 refers to the design of euro coins.
Some statutory instruments are carried over from the previously circulated list. One deals with the regulation of the non-life assurance market. SI 665 also deals with the life assurance market. SI 661 refers to the capital adequacy of credit institutions, while SI 660 deals with the capital adequacy of investment firms. SI 677 deals with amended regulation under the Ethics in Public Office Act and applies to persons occupying designated positions of employment in the Civil Service. It is good to see the Act being extended to more people employed in the public service.
The last item is EU scrutiny. The secretariat has circulated a number of the draft reports on EU proposals which have been scrutinised by the committee. They are pro forma reports required to be laid before the Houses. Although we have scrutinised them, we have not formally laid the reports. The first is the proposal for the regulation of the European Parliament and the Council amending regulation on administrative co-operation in the field of indirect taxation as regards additional measures regarding the supply of travel services. No. 335 is the proposal by a Council directive amending a directive concerning the common system of value added tax as regards the confinement and implementation powers and the procedures for adopting derogations. There is an amended proposal for the regulation of the European Parliament and the Council for the prevention of money laundering by means of customs operations which we considered before. There is also a proposal for the Council directive on passenger car related tax, which we considered in February 2006. No. 334 is the amended proposal for a Council directive amending a directive on the place and supply of services.
One of the values of dealing with the annual report is that we deal with work we have not formally signed off. The detailed discussions on these statutory instruments took place over a period but we had not formally laid the report before the House to say that we had considered them. I do not remember the detail of the discussions but they happened over a period. They are pro forma reports. There is nothing new here; we are tidying up old work.
Eight proposals forwarded to the committee for scrutiny are outstanding. The secretariat has circulated briefing notes from the relevant Departments which set out the current position. On foot of these briefing notes, we can now agree to proposals which have been scrutinised or we can agree to invite in departmental officials. We will take them one by one.
No. 519 is a proposal for a regulation of the European Parliament and of the Council on mutual administrative assistance for the protection of financial interests of the Community against fraud and any other illegal activities. No. 473 is connected. It is an amended proposal for a regulation of the European Parliament and Council on mutual administrative assistance on the protection of the financial interests of the Community against fraud and other illegal activities. We have a briefing note. Members may be happy to accept the briefing notes in respect of these eight matters. I should like the committee to dispose of them.
The next is No. 213, a proposal for the Council regulation amending regulation No. 1605 (2002) on the financial regulation applicable to the general budget of the European Communities. That has been adopted — it is history. It is agreed. Next is No. 507, a proposal for a directive of the European Parliament and the Council on improving the portability of supplementary pension rights. We will note that. Agreed.
No. 202 is a proposal for a decision of the European Parliament and the Council establishing a Community programme to improve the operation of taxation systems in the internal market. Is that agreed? Agreed. No. 507 is a proposal for a directive on mergers and acquisitions in the banking, insurance and securities sectors. Is that agreed? Agreed. No. 609 is a proposal for a decision of the European Parliament and the Council on a paperless environment for customs and trade. Is that agreed? Agreed. No. 608 is a proposal for a regulation of the European Parliament and the Council laying down the Community modernised customs code. Is that agreed? Agreed.
On another day we might have had more time to discuss these matters, but I am not aware of anything controversial in any of those items.
The joint committee adjourned at 3.05 p.m. until 2.30 p.m. on Wednesday, 11 April 2007.