Paschal Donohoe (Dublin Central, Fine Gael)
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I will speak to the section. This Bill amends section 33AV of the 1942 Act to provide that the bank may enter into an agreement with an individual or regulated financial services provider to resolve a suspected contravention. It amends the section to provide that such an agreement may not be entered into where there is an admission by the person concerned of committing or participating in a prescribed contravention. In such circumstances, the matter would have to be dealt with under the amended section 33AR, which provides for the imposition of sanctions by consent and the sanction would then be required to be confirmed by the High Court. The Deputy is correct in what he said. This provision is intended to give the bank the options to deal with an issue like this. So far, there has always been an admission of wrongdoing if such an arrangement was made.