Clearing House Group Minutes - Department of Taoiseach

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2. Minutes and Matters arising The Minutes of the meeting of 24 November 2011, as circulated, were agreed. 3. IFSC Strategy Implementation Brendan Bruen updated the Group on progress on the IFSC Strategy. The Working Groups were preparing implementation plans for the end of February, and work was also progressing on cross-sector elements. The Chairs of the Working Groups updated the Group on specific issues under consideration. The intention is to present work on a consolidated list of action areas at the next Group meeting. 4. Green IFSC Evaluation process Kieran Donoghue reported that the Evaluation Group had met on a number of occasions since being established at the end of September 2011. The Group were reviewing the draft findings of the Steering Group implementation plan and expected to report back to D/Taoiseach shortly. The Chair of the Evaluation Group, John Travers, would meet with Martin Fraser to inform him of the Group‟s findings. 5. EU (a) Recent Developments D/ Finance reported that: The European Commission published a proposal on 30 September for a Directive on a common system of financial transaction tax. The Minister has indicated that Ireland does not agree to such a tax being introduced except at a global level or at least by all 27 Member States of the European Union, including the United Kingdom. The Taoiseach reiterated this view during the British-Irish Council meeting in Dublin in January 2012. The Department of Finance hosted a roundtable discussion on the FTT in October 2011 and has sought input from each of the CHG subgroups in terms of the potential impact of the FTT on their sector. The proposals are being discussed at EU Council Working Group level and the first meeting dealing with the text of the proposal took place on the 3 January. The next meeting is scheduled for March 2012 and D/Finance intends to host another roundtable discussion with the IFS industry in advance of that meeting. (b) Presidency Preparations D/Finance gave a comprehensive overview indicating anything they anticipate will arise in the international financial services area during the Irish Presidency:
2012 sees the Danish and Cypriot Presidencies. This will form the backdrop to the Irish Presidency. Danish Presidency The Danes have identified a number of priorities in Financial Services and have plans to make progress on the 10 Financial Services dossiers currently under ECOFIN and the 2 Financial Services files which will fall under the Competiveness Council. They hope to secure either a first or second reading agreement with the European Parliament on the following dossiers: i. Mortgage Credit Directive ii. CRD IV iii. Deposit Guarantee Schemes iv. Omnibus II v. Investor Compensation Schemes vi. EMIR vii. Venture Capital Funds (Competitiveness Council) viii. Social Entrepreneurship Funds (Competitiveness Council) Denmark hopes to get an agreed general approach at Council on the Credit Ratings Agencies dossier and on the Transparency dossier. This would then leave the Trilogue negotiations to the Cypriot Presidency and possibly the Irish Presidency. It is the Danish intention on the Central Securities Depositories and MIFID and Market Abuse to produce a Progress Report at the end of their 6 months. These two files will then fall into the Irish Presidency at Trilogue stage, if not finalising negotiations on a common approach. EU Commission proposals Denmark will also deal with a number of forthcoming proposals from the Commission if and when they are adopted: Crisis Management (Bank recovery and resolution) – end January/early February. Discussions within the Commission are being finalised but there remains a problem regarding choosing a date to release this. A worsening of the banking situation may lead to further delay. Central Securities Depositories – end January/early February Protection of Investors (PRIPS) – end February/early March Insurance Mediation Directive – end February/early March UCITS V – April AIFMD LII – Quarter 2 Other matters Work is also ongoing on the non-legislative file on Shadow Banking. The Commission will put forward a communication on this by end March and will be holding a conference around 27 April
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Clearing House Group Minutes - Department of Taoiseach

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