Results 4,441-4,460 of 33,883 for speaker:Paschal Donohoe

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank (Individual Accountability Framework) Bill 2022: Committee Stage (Resumed) (7 Dec 2022)

Paschal Donohoe: I am referring to section 53E of the new section. It refers to "honesty and integrity...having regard to the legitimate interests of the regulated financial service provider". Section 53E(1)(b) refers to the person acting "with due skill, care and diligence". Section 53E(1)(b)(iv) says "acting without detriment to customers, the regulated financial service provider, its related...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank (Individual Accountability Framework) Bill 2022: Committee Stage (Resumed) (7 Dec 2022)

Paschal Donohoe: Yes. My officials have just reminded me that it is open to the Central Bank to look beyond this list of standards, if an act has been committed it believes is detrimental to the objectives of this Act. The Central Bank would have the ability to look beyond the conduct standards laid down here.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank (Individual Accountability Framework) Bill 2022: Committee Stage (Resumed) (7 Dec 2022)

Paschal Donohoe: It does not because the key word is "planning". It will depend on evidence being made available to show planning has occurred. Assuming such evidence is available, I am satisfied the way the conduct standard is laid out with reference to the need to act with "regard to the legitimate interests of the regulated financial service provider ...[and its] customers" would cover off the planning...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank (Individual Accountability Framework) Bill 2022: Committee Stage (Resumed) (7 Dec 2022)

Paschal Donohoe: My Department and I believe the answer to the Deputy's question is "yes". Of course, the caveat to that, reasonably, is that there has to be proof the planning was occurring.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank (Individual Accountability Framework) Bill 2022: Committee Stage (Resumed) (7 Dec 2022)

Paschal Donohoe: If that proof is there, I am confident the drafting of the legislation would mean such planning would constitute a breach of the common conduct standards.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank (Individual Accountability Framework) Bill 2022: Committee Stage (Resumed) (7 Dec 2022)

Paschal Donohoe: I move amendment No. 23: In page 45, to delete line 42, and in page 46, to delete line 1 and substitute the following: “(2) The notice under subsection (1) must specify the grounds on which the Bank’s suspicions are based. (3) In the notice under subsection (1) or by a separate notice or notices the Bank shall also—”. Section 45 of the Bill substitutes...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank (Individual Accountability Framework) Bill 2022: Committee Stage (Resumed) (7 Dec 2022)

Paschal Donohoe: I move amendment No. 24: In page 46, line 2, to delete “(b) specify” and substitute “(a) specify”.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank (Individual Accountability Framework) Bill 2022: Committee Stage (Resumed) (7 Dec 2022)

Paschal Donohoe: I move amendment No. 25: In page 46, line 4, to delete “(c) either” and substitute “(b) either”.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank (Individual Accountability Framework) Bill 2022: Committee Stage (Resumed) (7 Dec 2022)

Paschal Donohoe: I move amendment No. 26: In page 46, line 7, to delete “(3) A person” and substitute “(4) A person”.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank (Individual Accountability Framework) Bill 2022: Committee Stage (Resumed) (7 Dec 2022)

Paschal Donohoe: I move amendment No. 27: In page 46, line 11, to delete “(4) The Bank” and substitute “(5) The Bank”.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank (Individual Accountability Framework) Bill 2022: Committee Stage (Resumed) (7 Dec 2022)

Paschal Donohoe: I move amendment No. 28: In page 46, line 15, to delete “(5) The Bank” and substitute “(6) The Bank”.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank (Individual Accountability Framework) Bill 2022: Committee Stage (Resumed) (7 Dec 2022)

Paschal Donohoe: I move amendment No. 29: In page 46, line 18, to delete “ subsection (3)” and substitute “ subsection (4)”.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank (Individual Accountability Framework) Bill 2022: Committee Stage (Resumed) (7 Dec 2022)

Paschal Donohoe: I am referring to the new section.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank (Individual Accountability Framework) Bill 2022: Committee Stage (Resumed) (7 Dec 2022)

Paschal Donohoe: I am informed there is a legislative basis under which the bank can write to the person who is not the subject of the inquiry to notify him or her of the inquiry. If the Deputy bears with me, we will get the legislative reference for him and share it with the committee.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank (Individual Accountability Framework) Bill 2022: Committee Stage (Resumed) (7 Dec 2022)

Paschal Donohoe: The answer to the Deputy's questions is "Yes", and during the course of the committee we will give him the legislative basis for that. This inquiry will have the ability to contact and acquire the attendance of persons other than the subject and we will provide the Deputy with the legislative reference for that.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank (Individual Accountability Framework) Bill 2022: Committee Stage (Resumed) (7 Dec 2022)

Paschal Donohoe: The Central Bank already has a regulatory standards committee in existence but the changes we are making here are partially prompted by the Zalewski case. The committee is already in existence within the bank which is why in turn the ability is there to invite or to require the attendance of a person other than the subject. Now the Minister will have an oversight role in relation to the...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank (Individual Accountability Framework) Bill 2022: Committee Stage (Resumed) (7 Dec 2022)

Paschal Donohoe: -----the genesis of his question is around why the committee has the ability to require somebody who is not the subject to attend. The reason for that is that we already have legislation in place that allows the committee to exist within the bank and it has the power to require somebody to attend but the changes we are making here are prompted by the Zalewski case.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank (Individual Accountability Framework) Bill 2022: Committee Stage (Resumed) (7 Dec 2022)

Paschal Donohoe: While I have been answering the Deputy's question, my colleagues have accessed the original piece of legislation which lays out the powers that he is understandably raising with me. The Central Bank Act 1942, under section 33BA, refers to the power and I will quote it at length to deal with the concern that the Deputy raised. It states: ... the [Bank] may, in writing - (a) summons a...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank (Individual Accountability Framework) Bill 2022: Committee Stage (Resumed) (7 Dec 2022)

Paschal Donohoe: Yes.