Dáil Éireann Debate, Tuesday - 3 December 2013
184. Deputy Lucinda Creighton asked the Minister for Social Protection the extent of her and her officials interaction with the European Insurance and Occupational Pensions Authority since its establishment; the extent of the Pensions Board's interaction with the European Insurance and Occupational Pensions Authority since its establishment; and if she will make a statement on the matter. [51768/13]
View answerEIOPA is the European Insurance and Occupational Pensions Authority and is composed of high level representatives from the insurance and occupational pensions supervisory authorities of the European Union's Member States. EIOPA’s main goals are:- Better protecting consumers, rebuilding trust in the financial system;- Ensuring a high, effective and consistent level of regulation and supervision taking account of the varying interests of all Member States and the different nature of financial institutions;- Greater harmonisation and coherent application of rules for financial institutions & markets across the European Union;- Strengthening oversight of cross-border groups;- Promote coordinated European Union supervisory response.
The Department of Social Protection does not have day to day interaction with EIOPA. Rather, this function falls to The Pensions Board as the Regulator of occupational pensions in Ireland. Ireland is represented on EIOPA’s ‘Board of Supervisors’ by the Chief Executive of The Pensions Board who also currently acts as Chairman of EIOPA’s Occupational Pensions Committee.
In addition, a number of Pensions Board staff participate on various EIOPA workgroups and committees which consider matters of common interest.
As an agency under the remit of the Department of Social Protection, the Pensions Board liaises with the Department regarding EIOPA activity as and when required.
