Aodhán Ó Ríordáin
Ceist:
425. Deputy Aodhán Ó Ríordáin asked the Minister for Finance if the Central Bank can direct a financial institution (details supplied) to increase interest rates on savings in line with increase rate increases on tracker mortgages. [18265/23]
Amharc ar fhreagra
Aodhán Ó Ríordáin
Ceist:
426. Deputy Aodhán Ó Ríordáin asked the Minister for Finance what, if any action he is considering to require financial institutions to increase interest rates paid on savings in line with the increases in mortgage interest rate increases associated with tracker mortgages; and if he will make a statement on the matter. [18266/23]
Amharc ar fhreagra
Aodhán Ó Ríordáin
Ceist:
427. Deputy Aodhán Ó Ríordáin asked the Minister for Finance the minimum notice period required to increase an interest rate on a tracker mortgage; and if it is correct protocol that a mortgage lender (details supplied) would give nine working days' notice of an interest rate increase in the same month. [18267/23]
Amharc ar fhreagra
I propose to take Questions Nos. 425, 426 and 427 together.
The formulation and implementation of monetary policy is an independent matter for the European Central Bank (ECB). As the Deputy is aware, the ECB has increased official interest rates over recent months as it attempts to combat inflation. The level of official interest rates will influence the overall level of interest rates throughout the economy.
However, the determination and adjustment of retail and business lending rates and deposit rates are commercial decisions for individual lenders in line with the terms of the particular credit or savings contract and I have no function or role in such decision making matters by financial institutions.
Firms make their own commercial decisions based on many factors, including the costs of offering the loan or deposit products, the terms and conditions of their products and their commercial pricing strategy and funding costs. These are commercial decisions for individual banks and neither the Central Bank nor I have a role in prescribing or setting these interest rates.
The changes in the interest rate on a tracker mortgage are determined by any movement in the underlying rate being tracked (typically the interest rate set by the European Central Bank) and, in line with the terms and conditions of the mortgage contract, these changes are applied to tracker mortgages customers by their lenders. This approach applies to all tracker mortgage customers including those that have remained with the original lender and to borrowers whose tracker mortgages were purchased by another entity.
A regulated entity must notify affected personal consumers on paper or on another durable medium of any change in the interest rate on a loan.
In the case of a tracker interest rate, the regulated entity must provide the notification required as soon as possible, and no later than 10 business days after the regulated entity becomes aware of a change in the underlying rate being tracked.
The measures relating to the 1970 UNESCO convention include making it an offence to import stolen cultural property into the State from another state that is party to the convention and a requirement to certify cultural property exported from the State. This certification system will be synchronised with the existing system for such material arising under EU law. The measures relating to the 1995 UNIDROIT convention help to ensure claims brought before the Irish courts for the return of cultural objects will be decided by the courts in accordance with the relevant rules for determining such claims as set out under the convention.
The ratification of the two conventions will enable Ireland to play its part in the international effort to combat the illicit trade in and looting of antiquities and cultural objects. Both UNESCO and the UN as a whole have been urging states to co-operate in addressing these important issues, and the enactment of the Bill will mark an important milestone in Ireland's efforts to contribute in this area.
It is vital we ensure our underwater cultural heritage continues to be protected. A key aspect of the new schemes for the protection of monuments is the incorporation of historic wrecks into inventories of historic heritage, classes of prescribed monuments and the register of monuments. In Part 5, specific provision is made for issues relating to the protection of historic wrecks and archaeological objects located under water that are not covered in the general provisions relating to monuments and archaeological objects, an example being the control of diving in relevant locations. With regard to the so-called contiguous zone, which is an area that extends 12 additional nautical miles beyond our territorial seas, provision is included to apply Irish jurisdiction generally to underwater cultural heritage located in this area. This will only be insofar as permitted under the 1982 UN Convention on the Law of the Sea, which will not allow for state ownership of archaeological objects found within the contiguous zone.
Part 5 will enable the State to ratify another significant international treaty, the 2001 UNESCO Convention on the Protection of the Underwater Cultural Heritage, should the Government decide to do so. This important convention has become the international legal framework of reference for the protection of underwater cultural heritage. It contains obligations on the prevention of commercial exploitation, looting and trafficking, as well as promoting international co-operation and assistance.
Part 6 relates to other activities that will be subject to a licensing requirement, particularly archaeological excavation and the use of metal detectors to search for archaeological objects. Activities that could be considered ambiguous under existing law, such as the monitoring by archaeologists of development works and the use of geophysical equipment for archaeological purposes, will now be stated clearly to be within the legislative framework. As many professional practitioners currently seek relevant consents or licences under the existing legislation, the proposed provisions do not represent a major expansion of the schemes that are currently in place.
Additional provisions under Part 6 will help ensure a person cannot sell or supply a detection device unless a prescribed warning is clearly legible on the packaging or container, and a person will not be permitted to advertise the sale or use of a detection device to search for archaeological objects unless the advertisement is accompanied by the prescribed warning. In general under the existing National Monuments Acts, each provision that creates a regulatory requirement has its own associated consent or licensing system, and these often differ from each other with regard to application procedures, criteria for consideration or powers to impose conditions.
Part 7 will introduce an integrated licensing system whereby a single licence can authorise a range of activities to be regulated under the Bill. Apart from being a major step in terms of regulatory reform and modernisation, this will facilitate the reintegration of the special regulatory regime for archaeological work associated with major road projects, introduced by the National Monuments (Amendment) Act 2004, by making it possible for all archaeological work on such a project to be dealt with under a single licence. The ending of this system of ministerial directions will result in a common system of regulation of archaeological work across all sectors, public and private, and further reduce existing regulatory complexity.
For the first time, a statutory appeals process will be established, with appeals officers appointed to review licensing decisions. This will help to ensure administrative fairness and transparency in the regulatory process. The formation and maintenance of inventories of heritage sites underpin the effective management of those sites, providing the data used to decide which sites are protected and for advising other bodies on the possible impacts of development on our heritage.
Part 8 provides for three statutory inventories – archaeological sites, architectural heritage and historic wrecks – and provides discretionary powers to create inventories of other categories of sites, including world heritage property or property that may have the potential to become world heritage property. Under Part 8, the ongoing important work of the Archaeological Survey of Ireland will thus be given, for the first time, a clear statutory basis. Provision is also made so that information gathered in each of the inventories will be made available to members of the public. Measures will be introduced so that records compiled in the course of licensed activities, for example, archives of archaeological excavations, are legally protected in the event of the dissolution of companies holding such records or the death of a licence holder. There is a gap in existing law in that regard which has, in particular, caused difficulties where archaeological consultancy firms have fallen into difficulties.
Under Part 8, the Minister and other relevant bodies will have powers to promote and publish research relating to historic heritage, as well as to promote knowledge and awareness of monuments and archaeological heritage. Provision is also made so the Minister or the National Museum can provide assistance to persons or bodies involved in the protection of any element of historic heritage. Powers exist under the Planning and Development Act 2000 to issue guidelines on architectural heritage in the planning process. However, these powers do not provide for guidance on archaeological heritage or the elements of historic heritage unrelated to architectural heritage.
Under Part 9, provision is made for the Minister, in consultation with relevant authorities, to issue guidelines for local authorities on how to deal with historic heritage in the exercise of their functions. Local authorities will be obliged to have regard to such guidance. The Minister will also be permitted to issue guidelines on all aspects of historic heritage in the preparation or carrying out of an environmental impact assessment. The intention is that Part 9 will provide a clear statutory basis for the more general work of my Department. The Minister, in conjunction with the Heritage Council, will be provided with a statutory function relating to the co-ordination and development of public policy on historic heritage. This will be in addition to functions relating to the promotion of best practice in relevant disciplines and professions and the promotion of protection of historic heritage by public authorities. Public authorities and local authorities will be placed under a general obligation to have regard to historic heritage in the exercise of their functions.
Turning to Part 10, the modernisation and revision of the existing law create an opportunity to apply a standardised approach across the range of offences and penalties applicable on conviction for the various offences created under the Bill. Care has been taken to ensure the penalties specified are reasonable, proportionate and in line with other legislation. Severe penalties will continue to be available for the most serious offences.
Where appropriate and to ensure fairness, defences to certain offences have been introduced. For example, on the offence of failing to report a find of a prescribed monument, a person charged will be able to argue a defence that a reasonable person would not have recognised it. I stress that this defence will not be available where the prescribed monument in question has been entered in the register of monuments.
A major innovation in Part 10 will be the creation of a system of civil enforcement that can be used as an alternative to or to supplement criminal proceedings under the Bill. Under this system, breaches of the Bill may be rectified by way of so-called enforcement notices that will be enforceable by and appealable to the courts. No equivalent system exists under the current law, so for the first time there will be an enforceable alternative to criminal proceedings for matters such as damage to monuments or non-compliance with licence conditions. This will greatly strengthen in real terms the scope for ensuring compliance with the legislation.
Other matters covered in Part 10 include the creation of offences relating to the obstruction of those charged with implementing the enacted Bill, offences by bodies corporate, vicarious liability for offences by employees, arrest, search and seizure powers, and the recovery of costs of prosecutions and applications for injunctions. Taken together and by comparison with the existing law, the provisions of Part 10 seek to transform radically the scope for the successful implementation and enforcement of the enacted Bill.
Parts 11 and 12 contain a range of miscellaneous technical provisions and consequential amendments to other existing Acts. Matters such as data sharing and powers of the Minister to specify forms of documents and how notices are given are covered here. Our heritage is a fundamental piece of our society and our identity. We are fortunate to have a rich and valued historic heritage in this country, and this legislation will help to ensure its protection for generations to come.
I would like to mention two matters of interest to the House. First, following approval by the Government last week, I am signalling my intent to introduce local government related legislative amendments for inclusion in the Bill on Committee Stage. Second, I am aware that many Deputies have a keen interest in the development of the 1916 national commemorative centre at Nos. 14–17 Moore Street, and I have stated previously that work was proceeding to advance the nomination of a professional design team for the crucial first conservation phase of work. Nos. 14 to 17 Moore Street form a national monument. I reiterate the commitment that the Government has made to create a 1916 commemorative centre in these historic houses.
Given the complexities of the various procurement and legal issues surrounding the appointments of the companies involved, this process has taken longer than anticipated. I am now happy to confirm that matters have progressed well in recent weeks and I have good news to report to the House today. There has been a significant amount of contact between the OPW and the various parties in recent weeks to address relevant contractual matters and I understand these are close to being concluded satisfactorily. Once this happens, the formal appointment of the relevant professional parties can be made. This will include conservation architects, mechanical and electrical services engineers, structural and civil engineers, quantity surveyors, archaeological consultants and fire safety engineers.
I look forward to hearing the Deputies’ contributions during our debate and I once again welcome the good support shown for the Bill during pre-legislative scrutiny and during its passage through Seanad Éireann. I commend this Bill to the House.
