Micheál Martin
Ceist:147. Deputy Micheál Martin asked the Tánaiste and Minister for Foreign Affairs and Trade his plans to visit Israel and Gaza in the near future; and if he will make a statement on the matter. [23318/18]
Amharc ar fhreagraMinisterial Travel
Ceisteanna (147)
Freagraí scríofa
I am planning to visit Israel and Palestine in early June, as part of a wider visit which also encompasses Jordan and Cyprus. This will be my third visit to the region in the last year.
The programme elements of the visit are in the course of being confirmed, and I will be happy to report back to the Oireachtas on my return. I will not on this occasion be visiting Gaza, which I visited in January. While my visit was planned before the recent tragic events there, the future for Gaza has been a priority concern for me since taking office, and I have only been reinforced in that view.
In my meetings in Israel and Palestine, I expect that among the main issues to be discussed will be the prospects for resuming the peace process; recent events, including the terrible loss of life in Gaza; and ideas which I have pursued on my earlier visits for practical measures which might help improve conditions for the people there.
Brexit Negotiations
Ceisteanna (148)
Micheál Martin
Ceist:148. Deputy Micheál Martin asked the Tánaiste and Minister for Foreign Affairs and Trade the status of his officials' continued talks on Brexit; and if he will make a statement on the matter. [23319/18]
Amharc ar fhreagraFreagraí scríofa
Maintaining frequent contact with Mr Barnier and the Article 50 Taskforce continues to be a priority for Ireland. In addition to my personal engagement with Mr Barnier, our Permanent Representative and in Brussels and his team continue to have very regular, almost daily, engagement with the Taskforce. Officials from Dublin also travel regularly to Brussels for meetings with the Taskforce and other Directorates General.
The ongoing negotiations between the EU and UK are focused on all outstanding issues in the draft Withdrawal Agreement, including the Protocol on Ireland and Northern Ireland, as well as the future relationship. The latest negotiating round took place last week.
Negotiations to close the remaining gaps in the draft Withdrawal Agreement are ongoing, including detailed discussions between the EU and the UK on issues relating to Ireland and Northern Ireland. This has included our involvement in discussions, where appropriate, while respecting the negotiation structures that have been mandated by the European Council.
Real and substantial progress is needed on agreeing the Protocol ahead of the June European Council. This means the UK delivering on the clear commitments it has made in December and again in March by engaging meaningfully on the text of the Protocol in the coming weeks, and in particular the text dealing with the backstop on avoiding a hard border. So far, the pace of negotiations has been disappointing. The UK needs urgently to come forward with workable proposals which could form a serious basis for seeking agreement on the text so that the entire withdrawal agreement can be concluded by October.
The EU has always made clear that “nothing is agreed until everything is agreed” and that negotiations can only progress as long as all commitments undertaken so far are respected in full. The European Council (Article 50) is therefore continuing to follow the negotiations closely and will return in particular to the remaining withdrawal issues, including the Protocol, and to the framework for the future relationship at its meeting on 29 June. This meeting will be prepared by the General Affairs Council (Article 50) at its meeting on 26 June, which I expect to attend.
Northern Ireland
Ceisteanna (149)
Micheál Martin
Ceist:149. Deputy Micheál Martin asked the Tánaiste and Minister for Foreign Affairs and Trade the contacts he has had with the Secretary of State for Northern Ireland on reconvening the Northern Ireland Assembly; if he has spoken to the leaders of the DUP or Sinn Féin recently in relation to same; and if he will make a statement on the matter. [23320/18]
Amharc ar fhreagraFreagraí scríofa
Over the course of many months, the Irish and British Governments, as co-guarantors of the Good Friday Agreement, have worked tirelessly to support and facilitate the parties in their efforts to form an Executive.
The devolved, power-sharing institutions are at the heart of the Good Friday Agreement and are the best means for achieving accountable, representative decision-making for all the people of Northern Ireland.
Unfortunately, to date, it has not proved possible to reach an agreement on the formation of an Executive, despite intensive engagement. In light of this, the Government has been working with the British Government to consider means by which we can support the political process, in accordance with the Agreement, in the period ahead.
The Taoiseach has spoken with Prime Minister May and emphasised the Government’s full commitment to the Good Friday Agreement, and our continuing determination to secure the effective operation of all of its institutions.
I am in very regular contact with the Secretary of State for Northern Ireland, Karen Bradley, as we seek a way beyond the current impasse.
Over the last few weeks, the Secretary of State and I have each been conducting a round of contacts with the Northern Ireland political parties, including the leaderships of the DUP and Sinn Féin, to hear their views on how at this stage the two Governments can support the political process, in accordance with the Agreement.
All parties have re-affirmed their commitment to operating the devolved institutions and provided views on their key concerns and issues to be addressed in seeking a way forward.
In light of these consultations, the Secretary of State and I will consider how best the two Governments, as co-guarantors of the Good Friday Agreement, can chart a way forward that will give the best prospects for getting the devolved institutions operating again without delay.
I will continue to engage intensively, working with Secretary of State Bradley and the leaders of all of the political parties, until that is achieved.
The Good Friday Agreement is the indispensable framework for providing stable, inclusive, power-sharing government for all the people of Northern Ireland and for sustaining our interlocking relationships – within Northern Ireland, on the island of Ireland and between the UK and Ireland.
Ministerial Transport
Ceisteanna (150)
Mattie McGrath
Ceist:150. Deputy Mattie McGrath asked the Tánaiste and Minister for Foreign Affairs and Trade the number of ministerial cars or vehicles in operation in each of the past six years; and the costs associated with same. [24031/18]
Amharc ar fhreagraFreagraí scríofa
The information requested by the Deputy will be provided by the Minister for Justice and Equality, Mr. Charlie Flanagan TD, in response to an identical question put down to him for answer today.
Insurance Compensation Fund
Ceisteanna (151, 186)
Jim O'Callaghan
Ceist:151. Deputy Jim O'Callaghan asked the Minister for Finance when the relevant legislation protecting the persons who are owed money by a company (details supplied) will be introduced; and if he will make a statement on the matter. [23099/18]
Amharc ar fhreagra
Fergus O'Dowd
Ceist:186. Deputy Fergus O'Dowd asked the Minister for Finance the position in terms of compensation and responsibility of the Government in relation to outstanding claims made against a company (details supplied) before it collapsed; and if he will make a statement on the matter. [23405/18]
Amharc ar fhreagraFreagraí scríofa
I propose to take Questions Nos. 151 and 186 together.
Setanta Insurance was placed into liquidation by the Malta Financial Services Authority on 30 April 2014. As it was a Maltese incorporated company, the liquidation is being carried out under Maltese law.
The Deputy will be aware that under the Insurance Act 1964, as amended, monies may be paid out of the Insurance Compensation Fund (ICF), with the approval of the High Court, in relation to an insolvent insurer, to meet claims up to a limit of 65% or €825,000 of the claim, whichever is the lesser.
The Deputy will also be aware of my decision in principle that the State will ensure that Setanta third party claimants are compensated in full, which was announced on 30 January. My Department has subsequently received confirmation from the Office of the Attorney General that there are no state-aid or other legal issues with this decision, and therefore an additional provision to give effect to it is being included in the Insurance (Amendment) Bill, which has now been finalised in liaison with the Office of Parliamentary Counsel. I expect to bring this Bill to Government for approval to publish shortly. I am hoping that, with the cooperation of Members of the House, the Bill will pass all Stages in an efficient manner. Once enacted, it will allow for the payment of 100% of the compensation due to Setanta third party motor insurance claimants including the additional 35% to those who have settled their claims and have already received compensation of 65% of their claim subject to the limit outlined above.
It is however important to note that only claims which have been settled can be included in applications to the High Court for payment from the ICF. The process of settling claims is still ongoing and is subject in some cases to complex negotiations between all relevant parties. It is hoped that by the State taking steps to ensure that third party claimants are compensated in full, this will continue to encourage the settlement of all outstanding claims as quickly as possible.
Credit Union Services
Ceisteanna (152, 153)
Thomas Byrne
Ceist:152. Deputy Thomas Byrne asked the Minister for Finance the criteria for credit unions to deliver a debit card facility to their members. [23103/18]
Amharc ar fhreagraThomas Byrne
Ceist:153. Deputy Thomas Byrne asked the Minister for Finance if a credit union with an asset base of €50 million is permitted to provide a debit card facility to its members. [23104/18]
Amharc ar fhreagraFreagraí scríofa
I propose to take Questions Nos. 152 and 153 together.
The Credit Union Act, 1997 (1997 Act) sets out the services that a credit union may provide to its members. In addition, the Credit Union Act 1997 (Regulatory Requirements) Regulations 2016 (2016 Regulations) provides for services exempt from additional services requirements. Where a credit union wishes to provide services to its members, other than those services that are provided for under the 1997 Act or the list of services exempt from the additional services requirements set out in the 2016 Regulations, an application may be made to the Central Bank for approval to provide such additional services, in accordance with the provisions in sections 48-52 of the 1997 Act.
Debit card provision is subject to formal application and approval by the Central Bank, whether it be direct provision or distribution of third party debit cards under sections 48 and 49 of the Credit Union Act.
There is currently a fully defined current account service including debit card, Members Personal Current Account Services (MPCAS) which is available to eligible credit unions as an additional service. The current eligibility criteria include a suggested minimum asset size of €75 million, reflecting the need for significant initial investment in start up initiatives of this nature. This also recognises the importance of transaction volume necessary for scale discounts which requires the participation of larger credit unions. The business of providing payment service instruments such as debit cards on current accounts is a complex, sophisticated and regulated business activity requiring a distinct business model and associated risk management capabilities and capacities. Furthermore, the provision of such services requires on-going investment, volume pricing and access to technical expertise which given typical credit union size is likely to require a shared service model. The suggested limit may be re-examined once the framework is established and operational for some time, at which stage, smaller credit unions will have greater clarity regarding cost, experience and operational considerations necessary for informed decision making on participation.
Details and applications forms are available on the Central Bank website. https://www.centralbank.ie/docs/default-source/Regulation/industry-market-sectors/credit-unions/applying-for-approvals/mpcas-application-form.pdf. The Central Bank has also indicated it is open to applications for alternative debit card proposals and recommends the MPCAS framework as a scalar template for such alternative proposals.
The Central Bank has approved 43 credit unions for MPCAS and have another 9 in progress. Combined these 52 credit unions have c€7.6 billion in assets.
In respect of a further option, prepaid debit cards, there has been little interest to date albeit the operational considerations and costs are less onerous.
The Government wants not only strong, vibrant credit unions offering a safe and secure place for members' savings but also credit unions being appropriately positioned to offer their members a wide range of services including loans, debit card facilities and new products and services based on the needs of their membership.
Tax Reliefs Availability
Ceisteanna (154)
Bernard Durkan
Ceist:154. Deputy Bernard J. Durkan asked the Minister for Finance the status of the rural renewal scheme in terms of the benefits for mortgage relief; the length of time for which this and other benefits under the scheme will be available; and if he will make a statement on the matter. [23108/18]
Amharc ar fhreagraFreagraí scríofa
The rural renewal scheme provided for a scheme of tax reliefs aimed at invigorating certain areas of rural Ireland. Relief is only available for expenditure on construction, refurbishment or conversion work that was carried out during the qualifying period for the scheme. The qualifying period for the rural renewal scheme originally terminated on 31 December 2004 but was extended to 31 December 2006 where a valid application for full planning permission was submitted to the relevant local authority by 31 December 2004. The qualifying period was further extended to 31 July 2008, subject to the additional requirement that work to the value of at least 15% of the actual construction, refurbishment or conversion costs must have been carried by 31 December 2006.
While the scheme has been terminated, tax relief may continue to be claimed on expenditure incurred prior to the termination date in question.
There is no mortgage relief available under the scheme. The benefit available is tax relief in the form of:
- accelerated capital allowances in respect of capital expenditure incurred on the construction or refurbishment of certain industrial and commercial buildings or structures,
- a deduction against rental income in respect of expenditure on the construction, conversion or refurbishment of certain residential property, and
- a deduction against total income for expenditure incurred by owner-occupiers on the construction, conversion or refurbishment of residential property.
The accelerated capital allowances are available at a rate of 50% of expenditure in the first year and 4% thereafter. Additionally, owner-occupiers (traders) could opt to claim free depreciation, which is an acceleration of the normal annual allowance, of up to 50%. In relation to the deduction against rental income, this is given in full in the first year that the property is let. Any unused relief is carried forward against rental income in future years. The deduction for owner-occupiers of residential property is given at a rate of 5% over 10 years in the case of construction expenditure and 10% over 10 years in the case of conversion or refurbishment expenditure.
Tax Collection
Ceisteanna (155)
Peadar Tóibín
Ceist:155. Deputy Peadar Tóibín asked the Minister for Finance the estimated tax yield lost to the Revenue Commissioners due to the non-enforcement of a foreign artists withholding tax on visiting artists earning income from performances within the State; and if he will make a statement on the matter. [23119/18]
Amharc ar fhreagraFreagraí scríofa
The only foreign artiste withholding tax which Ireland has is the film withholding tax (“FWT”). FWT is a 20% withholding tax that applies for certain payments to non-resident artistes. FWT only applies to non-resident artistes, who are resident outside the EU/EEA and who are engaged by companies qualifying for the film tax credit under section 481 TCA. It does not apply to support staff such as cameramen, producers, directors etc.
The FWT cannot apply to other artistes such as international music artistes who perform concerts in the State. I am informed by Revenue that there are no specific tax exemptions available to international artistes performing in the State. Artistes who are not resident in the State for tax purposes have a liability to Irish tax on income arising from the exercise of their profession in the State. However, because foreign resident artistes merely have a transitory presence in the State, there are numerous practical difficulties associated with enforcing such a liability. Where non-resident entertainers do not file an Irish tax return, there is no effective mechanism to quantify the potential tax exposure of such entertainers on the income related to their Irish performances and to collect any tax owing. However, an alternative system which would impose an obligation on paying agents to deduct tax from payments made to foreign entertainers and account for the tax to Revenue, would also present many difficulties such as the requirement to identify the paying agent, in order to enforce collection, as well as placing a costly compliance burden, both on Revenue and the non-resident artistes and paying agents. Imposing tax therefore would be administratively cumbersome relative to the potentially small prospective yield and would also undoubtedly discourage some artistes from performing in the State.
I can however advise the Deputy that in general where a concert takes place in Ireland, the artistes performance fee is subject to Irish VAT. Where an international performer is engaged by a promoter, it is the responsibility of the promoter to account for the VAT due on the performance fee. This means that where the promoter is established in Ireland, the promoter is required to account for Irish VAT on the performance fee. In circumstances where the artiste and promoter are both established outside the State, the promoter is required to account for VAT on the performance fee where she/he is established.
In addition, where a premises provider allows a promoter who is not established in the State to hold a concert on their premises, the provider must report details of the event to Revenue. Failure to do so can make the premises provider jointly liable for any VAT arising. This is a safeguard provision to ensure the correct VAT is collected and paid in relation to any merchandise sold at the concert venue.
Mortgage Resolution Processes
Ceisteanna (156)
Michael McGrath
Ceist:156. Deputy Michael McGrath asked the Minister for Finance the definition of a non-performing loan, NPL, in the context of buy-to-let mortgages; if such a loan can be deemed to be an NPL if the terms of an agreement have been honoured for a number of years; and if he will make a statement on the matter. [23139/18]
Amharc ar fhreagraFreagraí scríofa
The definition of a non-performing buy to let loan is the same as that of any other credit exposure and applies to exposures which are more than 90 days past-due; and/or the borrower is assessed as unlikely to pay their credit obligations in full without realisation of collateral, regardless of the existence of any past-due amount or of the number of days past due.
In relation to the second part of the Deputy’s question, the classification as non-performing depends on the particular circumstances of each individual loan, and is subject to internal assessment by each bank and review by that bank’s external auditor. Accordingly, it would not be appropriate for me to speculate on such a matter.
Finally, I note the Deputy asked a related question regarding buy to let mortgages which I answered on 20th March and for reference a link is provided here: https://www.oireachtas.ie/index.php/en/debates/question/2018-03-20/72/?highlight%5B0%5D=michael&highlight%5B1%5D=mcgrath.
Tax Rebates
Ceisteanna (157)
Michael McGrath
Ceist:157. Deputy Michael McGrath asked the Minister for Finance the position on issuing of tax refunds to a person (details supplied) in County Cork. [23168/18]
Amharc ar fhreagraFreagraí scríofa
I am advised by Revenue that the refunds in question were approved and processed on 23 May 2018. The refunds will be credited to the person’s bank account in the coming days.
Mortgage Repayments
Ceisteanna (158)
Michael McGrath
Ceist:158. Deputy Michael McGrath asked the Minister for Finance the position on allowing mortgage holders make their normal repayments on a weekly or fortnightly basis as opposed to monthly in an effort to reduce their interest bill; and if he will make a statement on the matter. [23169/18]
Amharc ar fhreagraFreagraí scríofa
Mortgage and other loan agreements will contain terms for the repayment of the credit, including in relation to the timing and frequency of the repayments. It would also be open to the parties to agree any adjustment to the repayment terms as considered desirable during the life of the credit agreement.
The Central Bank advises that there are no particular regulatory measures governing the frequency of mortgage repayments and that these would be contractual matters for the parties to the credit agreement. Nevertheless, it could also be noted that, more generally, a consumer borrower has the right to discharge, either fully or partially, his or her obligations under a mortgage credit agreement prior to the expiry of that agreement. In such cases, the consumer shall be entitled to a reduction in the total cost of the credit (consisting of interest and costs) arising from that early repayment for the remaining duration of the contract. However, in certain circumstances where the interest rate is fixed for a period of time the lender may be entitled to compensation arising from the early repayment of some or all of the outstanding credit amount.
Banking Sector Regulation
Ceisteanna (159)
Michael McGrath
Ceist:159. Deputy Michael McGrath asked the Minister for Finance the position concerning financial institutions adding their legal fees to the arrears of a borrower, including mortgage holders and SME borrowers; the amount of such legal fees incurred by financial institutions that have been added to mortgage and other debt in recent years; and if he will make a statement on the matter. [23170/18]
Amharc ar fhreagraFreagraí scríofa
I have been advised by the Central Bank of Ireland that under Provision 14(1)(h) of the European Union (Consumer Mortgage Credit Agreements) Regulations 2016 (‘Mortgage Credit Regulations’), the lender must make available to the borrower, on paper or another durable medium, “an indication of possible further costs, not included in the total cost of the credit to the consumer, to be paid in connection with a credit agreement.”
Under Provision 29(2), any charge that a creditor may impose on a consumer arising from the consumer’s default “shall be no greater than is necessary to compensate the creditor for the costs it has incurred as a result of the default.”
Under Provision 11 of the Code of Conduct on Mortgage Arrears (CCMA), lenders are restricted from imposing charges and/or surcharge interest on arrears arising on a mortgage account in arrears, unless the borrower is not co-operating. Under Provision 14, a lender must prepare and make available to borrowers an information booklet with details of its Mortgage Arrears Resolution Process (MARP), which must include with regard to legal proceedings, a statement that, irrespective of how the property is repossessed or disposed of, the borrower will remain liable for the outstanding debt, including any accrued interest, charges, legal, selling and other related costs, if this is the case.
The arrears handling provisions in Chapter 8 of the Consumer Protection Code apply to loans to which the CCMA does not apply. Provision 8.9 provides that in respect of a mortgage, where a third full or partial repayment is missed and remains outstanding and an alternative repayment arrangement has not been put in place, a regulated entity must notify the personal consumer, on paper on another durable medium, of the potential for legal proceedings and proceedings for repossession of the property, together with an estimate of the costs to the personal consumer of such proceedings.
Under the SME Regulations, lenders must prepare and make available to borrowers an information booklet containing an explanation that the regulated entity may be entitled to impose additional fees or charges on borrowers in financial difficulties in accordance with the terms and conditions of the credit facility agreement.
The Central Bank has also informed me that it does not have information on the amount of legal fees incurred by financial institutions as this would be a supervisory matter.
Disabled Drivers and Passengers Scheme
Ceisteanna (160)
Michael McGrath
Ceist:160. Deputy Michael McGrath asked the Minister for Finance if the Revenue Commissioners are re-examining the classification of personal contract plan, PCP, arrangements as lease agreements as opposed to hire purchase agreements for the purpose of the disabled drivers and passengers tax concession scheme; and if he will make a statement on the matter. [23179/18]
Amharc ar fhreagraFreagraí scríofa
The qualifying provisions for the Disabled Drivers and Passengers Scheme are contained in Statutory Instrument No. 353 of 1994 (Disabled Drivers and Disabled Passengers (Tax Concessions) Regulations 1994). Regulations 8 (disabled drivers), 10 (disabled passengers) and 12 (organisations) provide that a vehicle must be “purchased” by the person or organisation.
Revenue guidance allowed for vehicles acquired under traditional hire purchase agreements to be eligible on the basis that such agreements, by design, are intended to lead to the outright purchase of the vehicle. As such this position is consistent with the principle of a scheme member being required to purchase their vehicle. PCP finance agreements, due to the option of rolling over into a new PCP contract with a new car, is different and in practice could be considered as close if not closer to a lease finance agreement.
I am informed by Revenue that there have been a number of refusals issued in relation to PCP Finance Agreements but these are currently being reviewed to establish if they qualify for the Scheme. In conjunction, I am currently considering the position in relation to clarifying the eligibility of PCP finance agreements under the Scheme in the Regulations.
Vehicle Registration
Ceisteanna (161)
John Brassil
Ceist:161. Deputy John Brassil asked the Minister for Finance the calculation method used for vehicle registration tax; and if he will make a statement on the matter. [23180/18]
Amharc ar fhreagraFreagraí scríofa
I am advised by Revenue that, for the majority of vehicles, vehicle registration tax (VRT) is charged on the open market selling price (OMSP) of the vehicle which is defined in section 133, Finance Act 1992 as the price of the vehicle, including all taxes and duties, that a manufacturer or distributor can reasonably expect to fetch on a first arm’s length sale by retail. The calculation method is provided for in section 132, Finance Act 1992 by VRT category as follows:
- VRT category A (passenger cars): the charge is a percentage, determined by the vehicle’s CO2 emissions level, of the OMSP of the vehicle;
- VRT category B (light commercials and motor caravans): the charge is 13.3% of the OMSP of the vehicle; and
- VRT category C (heavier commercials, buses, tractors): the charge is €200 per vehicle.
I am further advised by Revenue that, for a used vehicle, a depreciation is applied to the OMSP of the vehicle before registration taking into account the vehicle’s age and use.
Information in respect of calculating VRT is on the Revenue website at: https://www.revenue.ie/en/importing-vehicles-duty-free-allowances/guide-to-vrt/calculating-vrt/index.aspx
National Economic Dialogue
Ceisteanna (162)
Thomas P. Broughan
Ceist:162. Deputy Thomas P. Broughan asked the Minister for Finance when in 2018 the national economic dialogue will take place; if representatives of civic society bodies, such as those from the disability advocacy sector, will be invited; and if he will make a statement on the matter. [23185/18]
Amharc ar fhreagraFreagraí scríofa
The National Economic Dialogue 2018 will take place on 27-28 June.
The Dialogue will be an opportunity for stakeholders from a variety of backgrounds to consider how to optimise available resources in the interests of all citizens.
Several civic society bodies representing community and voluntary groups, employers, trade unions, agriculture and the environmental groups have been invited, including the disability advocacy sector.
VAT Yield
Ceisteanna (163)
Peter Burke
Ceist:163. Deputy Peter Burke asked the Minister for Finance the annual VAT intake in 2017 on plastics and materials used in the production of fodder and silage; and if he will make a statement on the matter. [23193/18]
Amharc ar fhreagraFreagraí scríofa
I am advised by Revenue that traders are not required to separately identify the yield generated from a particular activity or product type on their VAT returns. The information is therefore not available to provide an estimate of the VAT received from plastics and materials used in the production of fodder and silage.
The VAT charged on plastics and materials used in the production of fodder and silage can be recovered by VAT registered agricultural contractors, who in turn charge VAT on the supply of their services to farmers. VAT registered farmers are also entitled to recover this and other VAT borne on their input costs, while flat rate farmers are compensated for the VAT borne on their input costs through the flat rate addition applied to their supplies. The VAT borne on the production of fodder and silage making and other expenses associated with agricultural production are included in calculating the amount of the flat rate addition each year.
Insurance Industry
Ceisteanna (164)
Thomas P. Broughan
Ceist:164. Deputy Thomas P. Broughan asked the Minister for Finance when he expects the insurance accident claims database, to be administered by the Central Bank, to come into operation; and if he will make a statement on the matter. [23198/18]
Amharc ar fhreagraFreagraí scríofa
The development of the National Claims Information Database is a complex project as insurers very often record data in different ways and do not necessarily use the same definitions. On 19 December 2017, the Government approved the General Scheme of the Central Bank (National Claims Information Database) Bill. The Bill is included in the Government Legislative Programme on the list of Priority Legislation for publication this session. The Joint Oireachtas Committee on Finance, Public Expenditure and Reform and the Taoiseach indicated to me in February that it would not be conducting pre-legislative scrutiny on the Bill.
The Office of the Parliamentary Counsel assigned a drafter to the Bill on 26 January 2017 and officials in the Department of Finance are currently working with the drafter to finalise a draft of the Bill as soon as possible. I understand that good progress has been made and I am hopeful that a Bill will be published before the end of this legislative Session. A consultation will also have to take place with the European Central Bank on the Bill once it is published.
While it will take a certain amount of time, following publication of the Bill, for the Bill to pass all stages through the Houses of the Oireachtas, I am hopeful that with the cooperation of all parties in the Houses, it can be considered and approved expeditiously.
To ensure that the Database can be operationalised quickly following the enactment of the legislation, the Central Bank has continued to work in parallel on the technical specification for the Database.