Oireachtas Joint and Select Committees

Wednesday, 24 April 2013

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance

Central Bank (Supervision and Enforcement) Bill 2011: Committee Stage

8:40 pm

Photo of Michael NoonanMichael Noonan (Limerick City, Fine Gael) | Oireachtas source

I move amendment No. 125:

In page 43, after line 26, to insert the following:

3Section 52(a) Insert the following after subsection (2):

“(2A) The Bank may at its discretion appoint a suitably qualified person (including a person who is not an officer or employee of the Bank) to perform a function (or any part of a function) of the Bank under this Part, other than any function of making regulations or issuing codes, if the Bank considers it necessary or appropriate to do so to ensure that the functions of the Bank under this Part are performed efficiently and effectively.”.

(b) In subsection (3)—

(i) substitute “, (2) and (2A)” for “and (2)”,
(ii) substitute “any” for “either”, and
(iii) substitute “, the Head of Financial Regulation or the Bank” for “or the Head of Financial Regulation”.

4Section 54 (inserted by the Credit Union and Co-operation with Overseas Regulators Act 2012)Substitute the following section:

“Co-operation with Member State authorities or third country authorities.

54.— (1) In this section ‘Member State authority or third country authority’ means an authority in a jurisdiction other than that of the State duly authorised to perform functions similar to any one or more of the statutory functions of the Bank.

(2) At the request of a Member State authority or a third country authority to do so in relation to any matter, the Bank may—

(a) require information on the matter about which the Bank has required or could require the provision of information or the production of documents under any provision of financial services legislation, or
(b) authorise one or more than one authorised officer to exercise any of his or her powers for the purposes of investigating the matter.

(3) In deciding whether or not to exercise any of its powers under subsection (2), the Bank may take into account in particular:

(a) whether in the country or territory of the Member State authority or third country authority, corresponding assistance would be given to an authority duly authorised in the State to perform functions corresponding to functions exercised by the Member State authority or third country authority;

(b) whether the case concerns the breach of a law, or other requirement, which has no close parallel in the State or involves the assertion of a jurisdiction not recognised by the State;

(c) the seriousness of the case and its importance to persons in the State;


(d) whether it is otherwise appropriate in the public interest to give the assistance sought.

(4) The Bank may decide that it will not exercise any of its powers under subsection (2) unless the Member State authority or third country authority undertakes to make such contribution towards the cost of such exercise as the Bank considers appropriate.

(5) Subsections (3) and (4) do not apply if the Bank considers that the exercise of its power is necessary to comply with any obligation created or arising by or under the Treaties governing the European Union.

(6) If the Bank authorises an authorised officer for the purposes of subsection (2)(b), the Bank may direct the authorised officer to permit a representative of the Member State authority or third country authority to attend, and take part in, any interview conducted for the purposes of the investigation of the matter concerned.

(7) A direction under subsection (6) is not to be given unless the Bank is satisfied that any information obtained by a Member State authority or third country authority as a result of the interview will be subject to obligations of non-disclosure of information similar to those imposed on the Bank in section 33AK of the Act of 1942.

(8) A person shall not be required for the purposes of the exercise of any power under this section to answer any question tending to incriminate the person.”.

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