Joint Committee on Finance, Public Expenditure and Reform, and Taoiseach to discuss EU Fiscal Rules; followed by Pre-Legislative Scrutiny of Financial Service and Pensions Ombudsman (Amendment) Bill

The meeting at 1.30pm in Committee Room 3 of Leinster House will be split into two sessions:

1.30pm – Discussion on EU Fiscal Rules with representatives of the Irish Fiscal Council;

3pm – Pre-legislative scrutiny of the general scheme of the Financial Service and Pensions Ombudsman (Amendment) Bill with representatives from Financial Services and Pensions Ombudsman (FSPO).

Committee Cathaoirleach Deputy John McGuinness said: “This is the Committee’s second engagement on the EU Fiscal Rules around budgets, deficits and public debt which EU Member States must adhere to when framing tax and spending measures. Last week Members met representatives from the think tank TASC and now we look forward to hearing from the Irish Fiscal Council, whose mandate is to assess the Government’s official economic forecasts, budgetary forecasts and fiscal stance, and monitor fiscal rules.

“The Fiscal Rules are currently suspended and expected to be resumed in 2024. However, new proposals from the European Commission are likely to bring changes to the rules which, if implemented, will bring an enhanced role to the Fiscal Council. The Committee will discuss the new proposals, their potential impact and the potential enhanced role for Fiscal Council.

“In our second session, Members will carry out pre-legislative scrutiny on the general scheme of the Financial Service and Pensions Ombudsman (Amendment) Bill, which was published last month by the Minister for Finance. The Bill proposes amendments to existing legislation to safeguard the consumer protections and access to the FSPO for customers of financial service providers who have left the Irish market.”

The Joint Committee on Finance, Public Expenditure and Reform, and Taoiseach has 14 Members, nine from the Dáil and five from the Seanad.

The meeting in Committee Room 3 can be viewed live on Oireachtas TV.

Committee proceedings can also be viewed on the Houses of the Oireachtas Smartphone App, available for Apple and Android devices.