The Minister for Finance published the Finance (Miscellaneous Provisions) Bill 2015. The Bill has a fourfold purpose
- to enable the ratification of the Intergovernmental Agreement (IGA) to the Single Resolution Mechanism (SRM). This is necessary in order to operationalise the SRM.
- to make amendments to the Financial Services (Deposit Guarantee Scheme) Act 2009 - in order to put in place a transitional funding arrangement for the new DGS contributory scheme which is currently being transposed.
- to put in place Insurance (Continuation of Regulation) legislation in order to ensure the continuation of insurance regulation for companies outside the scope of Solvency II which is due to come into force at the start of 2016.
- to make a technical amendment to the National Treasury Management Agency (Amendment) Act 2014 in order to remove any potential ambiguity with regard to whether a “directed investment” made by the National Pension Reserve Fund Commission and subsequently transferred to the Irish Strategic Investment Fund pursuant to the NTMA Amendment Act 2014 remains a “directed investment” for the purposes of that Act.
The legislative schedule is designed to have the Bill enacted by mid-November as there is a requirement to have the IGA ratified by the end of November.