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
Michael Noonan (Limerick City, Fine Gael)
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I move amendment No. 125:
In page 43, after line 26, to insert the following:
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3 | Section 52 | (a) Insert the following after subsection (2):
(b) In subsection (3)—
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4 | Section 54 (inserted by the Credit Union and Co-operation with Overseas Regulators Act 2012) | Substitute the following section: “Co-operation with Member State authorities or third country authorities. 54.— (1) In this section ‘Member State authority or third country authority’ means an authority in a jurisdiction other than that of the State duly authorised to perform functions similar to any one or more of the statutory functions of the Bank. (2) At the request of a Member State authority or a third country authority to do so in relation to any matter, the Bank may—
(3) In deciding whether or not to exercise any of its powers under subsection (2), the Bank may take into account in particular:
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(4) The Bank may decide that it will not exercise any of its powers under subsection (2) unless the Member State authority or third country authority undertakes to make such contribution towards the cost of such exercise as the Bank considers appropriate. (5) Subsections (3) and (4) do not apply if the Bank considers that the exercise of its power is necessary to comply with any obligation created or arising by or under the Treaties governing the European Union. (6) If the Bank authorises an authorised officer for the purposes of subsection (2)(b), the Bank may direct the authorised officer to permit a representative of the Member State authority or third country authority to attend, and take part in, any interview conducted for the purposes of the investigation of the matter concerned. (7) A direction under subsection (6) is not to be given unless the Bank is satisfied that any information obtained by a Member State authority or third country authority as a result of the interview will be subject to obligations of non-disclosure of information similar to those imposed on the Bank in section 33AK of the Act of 1942. (8) A person shall not be required for the purposes of the exercise of any power under this section to answer any question tending to incriminate the person.”. |
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