Robert Troy (Longford-Westmeath, Fianna Fail) | Oireachtas source

Section 944Q provides for the disclosure of information to the authority by the bodies listed where it relates to an offence or non-compliance under the Companies Act 2014 or could assist in an investigation by the authority. It re-enacts section 957 of the Companies Act 2014 with the addition of the registrar and the Registry of Friendly Societies. The Deputy proposes adding the Central Bank to the list of bodies.

I understand that the Office of the Director of Corporate Enforcement, ODCE, and the Central Bank have a memorandum of understanding already which allows each body to refer information to the other where they are satisfied that such information is relevant to their counterpart’s remit. The grounding legislation in this case is the Central Bank’s legislation. However, on foot of the amendment proposed by Deputy O'Reilly, I plan to consult with the Department of Finance and the Central Bank further on this proposal. If it is deemed that it could enhance the authority and the Central Bank’s ability to exchange information, I would accept it. I ask the Deputy to withdraw the amendment, with a view to resubmitting it on Report Stage, in order to give me more time to consult with the Department of Finance and the Central Bank. If they tell me that it is necessary and would enhance the ability to exchange information, I would have no difficulty accepting it.