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Dáil Question to Dept of Finance on outstanding EU Directives

DÁIL QUESTION NO 50

To ask the Minister for Finance the number of EU directives related to his Department that have yet to be transposed into Irish law despite the deadline date been passed; when is it proposed that these Directives will be transposed; and if he will make a statement on the matter.

– Anthony Lawlor.

* For WRITTEN answer on Wednesday, 11th December, 2013.

Ref No: 53352/13

REPLY

Minister for Finance ( Mr Noonan) : There is currently one outstanding Directive relating to the Department of Finance which is yet to be transposed despite the deadline date being passed.

The Financial Conglomerates Directive 2002/87/EC (FICOD) came into effect in 2005 and it applies supplementary prudential supervision to mixed financial groups that carry out both banking/investment firm activities and insurance activities of a significant size. On 16 November 2011, the European Parliament and Council adopted the amending Directive 2011/89/EU, which revised amongst other things the existing Financial Conglomerates Directive (2002/87/EC). The Transposition date was 10 June 2013 for this Directive.

Work is ongoing on a draft Statutory Instrument with the Office of Parliamentary Council, the Department of Finance and with the Central Bank of Ireland. This transposition is late due to the resource implications of the Irish Presidency of the Council of the European Union and the prioritisation of the transposition of the Capital Requirements Directive. In addition, the subject matter contains a number of references to entities supervised under the Capital Requirements Regulation (CRD) 575/2013 and Directive 2013/36/EU and because of this it is envisaged that this will be completed alongside the CRD IV transposition later this month or in early January.

It is also worth noting that the deadline of 30 June 2013 for the transposition of Directive 2009/138/EC (Solvency II) has been extended to 31 March 2015 with the implementation date extended to 1 January 2016.