Pearse Doherty (Donegal, Sinn Fein) | Oireachtas source

The responsibility under section 53F(c) is that the appointment would have the delegated task reassigned to an appropriate person with effective oversight. If we look at our history in terms of the banking crash, we had situations in the past where the head of risk basically went crazy in Anglo Irish Bank - to tell the God's honest truth - and allowed the type of lending that happened. The person may have been an appropriate person with the right qualifications, but because of the culture in that bank at the time, that individual allowed a major risk to build up. The risk committee in the bank would have been aware of it as well, so there was oversight, and the CEO was aware of it. If this legislation were in place, it would probably be captured under subsection 53F(a) because the business of the regulated service provider was not being controlled effectively. If, however, we take the less serious scenario whereby we have the head of risk, the risk committee and the CEO being aware of it and there is a breach, can all persons be sanctioned or because the pre-approval controlled function is with the head of risk, is it only them? That is my concern.