Brian Hayes (Dublin South West, Fine Gael) | Oireachtas source

Amendment No. 50 was made to include the appointment of the risk management officer and compliance officer as one of the functions of the board.

The current wording provides for these appointments as functions of the manager. However, they are more appropriate to the board. The substantive change to the Bill before it was amended was that they related to the manager's functions, but we considered that they were more appropriate to the board. The deletion of subsections (4) and (5) is consequential on the acceptance of this amendment. These matters will be provided for in subsection (1)(e).

Amendment No. 51 was discussed with amendment No. 39 to section 15, while amendment No. 52 was discussed with amendment 34 to the same section. The amendment deletes the famous paragraph (p) as it refers to the requirements set out in subsections (12) and (13) of section 53. As these subsections are being deleted, the famous paragraph (p) is no longer required. A number of consequential amendments arising from the changes made to the functions of the board of directors in amendment No. 50 are also made.

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