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Financial Services Update: Government Legislation Programme - Measures Impacting Banking and Financial Services

22 January 2018

The Irish Government has announced the Legislation Programme for the Spring/Summer Session 2018. Of the 49 priority Bills listed for publication during this Session, the following Bills are of particular interest to the banking and financial services sector:

 

 

Bill

 

Purpose

 

Status

Home Building Finance Ireland Bill

To establish a new dedicated institution, Home Building Finance Ireland which will lend to residential housing developers on commercial, market equivalent terms and conditions

Work is underway. Pre-legislative scrutiny (PLS) still to be determined

Market in Financial Instruments Bill

This Bill is part of the transposition of the Market in Financial Instruments Directive II into national law

Heads approved 21st July & 7th November 2017, Committee decided that PLS is not required

National Treasury Management Agency (Amendment) Bill

To establish a contingency reserve / Rainy Day Fund to help strengthen the resilience of and maintain sound public finances

Heads are in preparation, PLS still to be determined

African Development Bank

Bill

To allow for Ireland's potential membership of the African Development Bank

Heads approved 24th November 2017

 

The Home Building Finance Ireland Bill is the culmination of the Government’s Budget 2018 proposal to establish a new dedicated fund, Home Building Finance Ireland (HBFI) to address the serious deficit in the supply of housing in Ireland. HBFI will be allocated up to €750 million of funds from the Ireland Strategic Investment Fund to provide funding on market terms to viable residential development projects. 

Click here to view the full programme. 


The content of this article is provided for information purposes only and does not constitute legal or other advice. 

Discuss your financial services queries now with Christine O'Donovan.

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