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

As the Deputy well knows and understands, I cannot speak on behalf of the Central Bank regarding what its intent could be. However, given the amount of consultation we have gone into with the Central Bank on this legislation over a number of years, this section has been drafted and included in the Bill with my expectation that it will be used. How it will be used and how frequently it will be used is a matter for the Central Bank rather than for me, but my expectation is that it will be used, which is why we are including it.

By way of background, under the existing fitness and probity legislation, the Central Bank has prohibited 12 individuals from performing one or more controlled functions in regulated firms, either for a specified period or indefinitely. Details of prohibition notices have been published on the Central Bank’s website where that is appropriate. I hope the fact that information has been made available in the past will give confidence to the committee that it will be used again in the future. As I said to the Deputy in the earlier part of my answer, I am including this power with the expectation that it will be used, but it is up to bank itself to determine how frequently or in what form it wishes to use it.