Michael McGrath (Cork South Central, Fianna Fail) | Oireachtas source

I move amendment No. 8:

In page 10, subsection (1), line 18, to delete "the reviewee" and substitute "a reviewer".

I went back over my speech on Second Stage, which was made over a year and half ago. I raised the issue addressed by amendments Nos. 8 to 15, inclusive, at that point. Where a company is investigated by the Central Bank, it will nominate a firm or an individual to prepare a report to be approved by the Central Bank. Where it fails to nominate a firm or an individual or confirmation of the proposed firm or individual is denied by the Central Bank, the bank will appoint a firm to conduct a review. I propose through the amendments the introduction of a better system whereby the Central Bank would appoint the firm to carry out the investigation or review. The onus would not, therefore, be placed on the company subject to the review to identify an appropriate reviewer. It would be a more meaningful review if it were conducted by an independent firm selected by the Central Bank from a panel of qualified firms and enhance the integrity of the resulting report. The Minister may correct me if I am wrong, but that is my interpretation having read through the Bill initially.