Results 5,661-5,680 of 35,567 for speaker:Pearse Doherty

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank (Individual Accountability Framework) Bill 2022: Committee Stage (30 Nov 2022)

Pearse Doherty: Section 6 is probably the meatiest part of the Bill. The new section 53D deals with relevant circumstances for the purposes of the new sections 53B and 53C. This relates to determining the circumstances, relevant for the purpose of subsection (2), that would apply to a person performing functions in respect of a regulated financial service provider. Matters to be considered include: the...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank (Individual Accountability Framework) Bill 2022: Committee Stage (30 Nov 2022)

Pearse Doherty: This relates to financial institutions having to ensure that these criteria are met if they are allocating tasks, duties, or controlled functions to an individual. If a financial institution fails to do that, for example, by appointing a person as head of risk who does not have the necessary level of experience or knowledge, will the institution be in contravention of legislation?

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank (Individual Accountability Framework) Bill 2022: Committee Stage (30 Nov 2022)

Pearse Doherty: There are two different standards: the common conduct standards and the additional conduct standards. They apply to two different category of individual, including those with pre-approval controlled functions. Will the Minister explain how that will work in practice and why there is an issue in terms of those exercising a significant influence. If a person has pre-approval controlled...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank (Individual Accountability Framework) Bill 2022: Committee Stage (30 Nov 2022)

Pearse Doherty: Obviously, the standards are different. There could be somebody in a senior role and because of his or her pre-approval controlled function or to whom the common standards apply. Due to the senior role, he or she will be the subject of the additional conduct standards. The additional conduct standards are probably defined as not being more loose but being more general.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank (Individual Accountability Framework) Bill 2022: Committee Stage (30 Nov 2022)

Pearse Doherty: Yes, exactly. They are broader. When we start to define this, we start to allow people to slip outside the net. Let us take somebody who is head of risk in a bank and who has not carried out his or her duties as would be expected under the legislation and according to the Central Bank. That individual would be in breach and, as a result of the enactment of this legislation, would be...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank (Individual Accountability Framework) Bill 2022: Committee Stage (30 Nov 2022)

Pearse Doherty: I agree with the Minister on that. I have been calling for this legislation for nearly five years. I am glad to see it before us. It is very important that we do not allow any cracks. There are some points we cannot legislate for. We are providing a lot of powers to the Central Bank, and much of this will be determined by the mapping process in regard to the responsibility for all of...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank (Individual Accountability Framework) Bill 2022: Committee Stage (30 Nov 2022)

Pearse Doherty: I appreciate that and am aware that the regulated financial institutions have the responsibility under this law to provide the training but the Central Bank has the responsibility to provide the guidelines upon which the institutions will have to rely. We do not have the guidelines as yet and while there may be training going on, this is going to be hard to implement. The Minister has...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank (Individual Accountability Framework) Bill 2022: Committee Stage (30 Nov 2022)

Pearse Doherty: That will probably be the latter end of next year. The guidelines will be published in Iris Oifigiúiland will be available for all to see but will they be published before the end of next year?

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank (Individual Accountability Framework) Bill 2022: Committee Stage (30 Nov 2022)

Pearse Doherty: My last question-----

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank (Individual Accountability Framework) Bill 2022: Committee Stage (30 Nov 2022)

Pearse Doherty: Yes, they are to be published on the website anyway and in Iris Oifigiúil.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank (Individual Accountability Framework) Bill 2022: Committee Stage (30 Nov 2022)

Pearse Doherty: I appreciate that. Given the Minister's spirit, maybe he will also share the Korn Ferry report on banker remuneration commissioned in 2019 which was never published.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank (Individual Accountability Framework) Bill 2022: Committee Stage (30 Nov 2022)

Pearse Doherty: I really do not think that is acceptable. When this committee asks for a report on banker's pay that was prepared three years ago using taxpayer's money, there is not much for the Minister to consider, in fairness. He should just agree to give the committee the report.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank (Individual Accountability Framework) Bill 2022: Committee Stage (30 Nov 2022)

Pearse Doherty: The reason I ask is that the Minister has made the point on the Dáil record time and time again that bank remuneration should be linked to accountability in terms of the behaviour of banks, a point with which I agree. A report was done and I presume there is some type of evidence on pay and remuneration. The retail report that was published yesterday contains no evidence whatsoever to...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank (Individual Accountability Framework) Bill 2022: Committee Stage (30 Nov 2022)

Pearse Doherty: We are also looking for the remuneration covenants that the Minister has with each of the individual banks.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank (Individual Accountability Framework) Bill 2022: Committee Stage (30 Nov 2022)

Pearse Doherty: I will now return to the issues relating to section 6. Section 53I deals with the limitation of requirements to produce documents, give information or answer questions. I understand and accept the first three provisions, (a), (b) and (c) under this section, namely that one cannot ask for documents or information or pose a question that the courts would not have the power to elicit from the...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank (Individual Accountability Framework) Bill 2022: Committee Stage (30 Nov 2022)

Pearse Doherty: Can I just make one point? I would understand that if it related to criminal proceedings but this is about incriminating a person in relation to anything. This is not linked to a crime. There is no requirement to produce documents, give information or answer questions that "might tend to incriminate the person", not in relation to a criminal act but in relation to a person's failure to...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank (Individual Accountability Framework) Bill 2022: Committee Stage (30 Nov 2022)

Pearse Doherty: I refer to the common conduct standards under the new section 53E, and the additional conduct standards, under 53F. As part of the additional conduct standards, I ask the Minister to explain the following: The standards referred to in section 53C(2), in the case of a person who performs a pre-approval controlled function [that is easy to understand] in relation to a regulated financial...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank (Individual Accountability Framework) Bill 2022: Committee Stage (30 Nov 2022)

Pearse Doherty: The responsibility under section 53F(c) is that the appointment would have the delegated task reassigned to an appropriate person with effective oversight. If we look at our history in terms of the banking crash, we had situations in the past where the head of risk basically went crazy in Anglo Irish Bank - to tell the God's honest truth - and allowed the type of lending that happened. The...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank (Individual Accountability Framework) Bill 2022: Committee Stage (30 Nov 2022)

Pearse Doherty: The committee agreed earlier to request it from the Minister. We could submit a freedom of information, FOI, request now that matters have been agreed at Cabinet level but I would urge the Minister to ask his officials to send it to the committee this evening.