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 Pearse DohertyPearse Doherty (Donegal South West, Sinn Fein) | Oireachtas source

Under section 31 there is provision for an individual who does not comply with the appointed person. He is subject to a class A fine of €5,000, which can increase to €250,000. What protection is there to remove a person from a financial institution? If someone is obstructing the work of an appointed person, he or she can be subject to a fine and some of them would be wealthy enough to accept that. Is there provision for disqualification from a role in a financial institution? I am not just talking about people at director level but at other levels too, if someone has obstructed this sort of inquiry from the Central Bank.

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