Kieran O'Donnell (Limerick East, Fine Gael)

I move amendment No. 7:

In page 10, line 43, after "Bank" to insert the following:

"save as is deemed necessary to secure the more effective oversight of the financial sector".

This amendment relates to staff moving. The integrity of the effective oversight of the financial sector is paramount. Section 10(5) states:

Other than the holder of a statutory office that ceases to exist because of amendments to the Act of 1942 by this Act, nothing in this Act affects the terms and conditions of the employment of any officer or employee of the Bank.

We agree with that provision. However, the amendment seeks to add the term "save as is deemed necessary to secure the more effective oversight of the financial sector". It is critical that we strike a balance. While absolutely respecting the terms and conditions of employment of any employee, it is critical that we have proper and effective oversight of the financial sector.

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