Paschal Donohoe (Dublin Central, Fine Gael) | Oireachtas source

This section deals with the possibility that the prohibited person is performing a controlled function in respect of a holding company and that they incorporate the provisions of repealed section 44. Section 31 provides for the circumstances where a prohibited person or any regulated financial service provider or holding company, in relation to which the prohibited person was performing a controlled function and the prohibition notice was issued, agrees in writing with the Central Bank to be prohibited for the agreed time. In such cases, the notice does not need to be confirmed by the High Court, given the prohibited person has agreed to be prohibited.