Results 5,701-5,720 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: I am looking for clarity on one piece but want to elaborate on this point. If you take AIB for example, it was only found to have regulatory breaches this year for issues that took place a decade before that, though they continued right up until March. Therefore, if people had left their position, they would not be captured in that and for many of us, that is the test. We ask ourselves if...
- 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. That was my interpretation of it. To tease that, if the head of risk in bank X which had the breach, moved to bank Y, and has a controlled function in a different financial institution, my reading of this is they would still be able to be prosecuted.
- Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank (Individual Accountability Framework) Bill 2022: Committee Stage (30 Nov 2022)
Pearse Doherty: What reach does this have? I know all legislation has international reach but given that people in financial institutions are mobile and international banks exist and so on and so forth, even if they are not resident here, the Central Bank has the powers to prosecute them for any of these breaches. Does it have all the powers in terms of sanctions and all the rest and does that apply 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: Sorry, I am trying to follow this. I wanted to raise with the Minister an issue with section 15, which I missed, because we cannot table Report Stage amendments if we do not discuss them on this Stage. The issue is that an investigation can be discontinued for reason of resources. I genuinely do not believe that the Central Bank should discontinue any investigation into the fitness and...
- 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 19 relates to suspension notices. Just so we have this right, will the Minister take us through the process the bank has to go through in respect of the suspension notices? We dealt with this in a previous section in respect of allowing seven days for the information to be given, the requirement to give notice that the issue is being looked at and so on. Then there is the appeals...
- 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 thank the Minister for that. The Irish Financial Services Appeals Tribunal is a standing body. What is its function? Is it just to deal with appeals in respect of suspensions or does the tribunal have a broader function? How is its board constituted?
- 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. I will go through the steps and the Minister can correct me if I am wrong. The Central Bank identifies an issue or an issue is reported to it. It carries out an investigation. It has to notify the individual who is the subject of the investigation and give the individual the right to furnish information within seven days. The Central Bank then concludes its...
- 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 is peppered right through the legislation where many of these sections just add a holding company to a provider of financial services. Has an issue been identified around holding companies or what is the motivation or rationale in ensuring that holding companies are also included in the provisions of the legislation and not just providers of financial services?
- 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 section deals with the administrative sanctions or is this fitness and probity?
- Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank (Individual Accountability Framework) Bill 2022: Committee Stage (30 Nov 2022)
Pearse Doherty: Okay. After a prohibition notice has been served, "the Bank or the Governor, as the case may be, shall, subject to section 46, make an application to the Court for confirmation of the notice." When a notice of prohibition has been served, is it correct that it is necessary to go to the courts for confirmation, not in all cases, but where there is-----
- Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank (Individual Accountability Framework) Bill 2022: Committee Stage (30 Nov 2022)
Pearse Doherty: In this situation, the individual has a right to appeal to the Irish Financial Services Appeals Tribunal, IFSAT, at an earlier stage.
- 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 my earlier question in respect of at what point people go to the courts. It is stated that is as soon as practical after the service of a prohibition notice. The individual has a chance to defend the case in the context of the court, but he or she also has the right to appeal to the IFSAT. What are the steps in this regard? Is it a case where a prohibition notice is served...
- Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank (Individual Accountability Framework) Bill 2022: Committee Stage (30 Nov 2022)
Pearse Doherty: Okay.
- Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank (Individual Accountability Framework) Bill 2022: Committee Stage (30 Nov 2022)
Pearse Doherty: Okay.
- 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 ask the Minister to give us an example of a prohibition notice. It is just to prohibit a regulated financial service provider from doing a certain activity-----
- 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. It is, though, a notice to cease undertaking a certain activity, to do a certain activity or to comply with-----
- Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank (Individual Accountability Framework) Bill 2022: Committee Stage (30 Nov 2022)
Pearse Doherty: Regarding the process in this regard, if such a decision is disputed and it is not ex parte, what type of timeframe could we be looking at in this regard? Is there any kind of accelerated mechanism in the context of individuals performing a pre-approved function who have clearly been doing something impacting on customers, financial stability or whatever and are refusing to comply despite a...
- Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank (Individual Accountability Framework) Bill 2022: Committee Stage (30 Nov 2022)
Pearse Doherty: Okay.
- 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 concerns a prohibition notice having an effect without confirmation. Following on from our last conversation, will the Minister explain the importance of this section and how it will work?
- Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank (Individual Accountability Framework) Bill 2022: Committee Stage (30 Nov 2022)
Pearse Doherty: Okay. I thank the Minister.