Richard Boyd Barrett (Dún Laoghaire, People Before Profit Alliance) | Oireachtas source

I thank the Minister of State for accepting the amendment. It is regrettable that the constituent who raised the issue with me is not in the Visitors' Gallery, as he has been here to follow some of the proceedings on the Bill. I will not say this has been a labour of love for him, but it has been an issue he has been pursuing for many years. Has specifically sought to have the word "written" inserted in the Bill. The amendment allows for a clear and transparent record to be given of the reasons provided by the board oversight committee for suspending a director of the board. It spells out the steps for proceeding with such a suspension and how the person proposed to be suspended can state his or her case. This is a good amendment and I commend the Government for taking it on board.

A person raised a related issue which probably does not come under the Bill. That person believes there is not an adequate procedure in place for individuals to make a case to the regulator where there is a dispute over the rights and wrongs of a suspension and that there is a need for the Central Bank to ensure there will be a fair procedure in place all the way up the line to allow individuals to appeal a decision in a case if they are unhappy at any stage of the process. That there is now a requirement for reasons to be given in writing will at least ensure a level of transparency about decisions that might be made in this regard.

I welcome the amendment. I am sorry the individual in question is not here to see a little bit of his idea being enshrined in law. I am sure he will be very pleased, however, and that it will have the desired effect.

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