Results 5,081-5,100 of 36,133 for speaker:Pearse Doherty
- Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Central Bank (Supervision and Enforcement) Bill 2011: Committee Stage (24 Apr 2013)
Pearse Doherty: Section 18 sets out convictions and fines for any person who impedes the work of the reviewer. I am not objecting to these provisions but the focus is on the financial institutions or individuals who may be obstructing the reviewer or providing misleading information to an inquiry. What if the reviewer provides misleading information, however? This is a very small country and many of the...
- Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Central Bank (Supervision and Enforcement) Bill 2011: Committee Stage (24 Apr 2013)
Pearse Doherty: I ask the Minister to explain that to me. I am thinking of a scenario in which a financial institution is under review by the Central Bank and the reviewer and the reviewee are somehow colluding to provide false information to the bank. Under this section, the reviewee would be subject to prosecution but I do not see how the reviewer would be subject to sanction.
- Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Central Bank (Supervision and Enforcement) Bill 2011: Committee Stage (24 Apr 2013)
Pearse Doherty: However, that section is only relevant to the Part of the Bill dealing with authorised officers. It would be an offence in that context but the amendment does not deal with the reviewer. I am merely flagging the issue.
- Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Central Bank (Supervision and Enforcement) Bill 2011: Committee Stage (24 Apr 2013)
Pearse Doherty: I presume the contract would also specify an offence of providing false information to the bank but, while this section goes further in outlining the maximum penalties, it does not apply to the reviewer.
- Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Central Bank (Supervision and Enforcement) Bill 2011: Committee Stage (24 Apr 2013)
Pearse Doherty: I am happy with the section, but we are moving at a fast pace. I have no problem with this, but I would like to raise something in retrospect with regard to the disclosure of a whistleblower.
- Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Central Bank (Supervision and Enforcement) Bill 2011: Committee Stage (24 Apr 2013)
Pearse Doherty: Are we discussing the Minister's amendments to the section? I wish to make a couple of points.
- Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Central Bank (Supervision and Enforcement) Bill 2011: Committee Stage (24 Apr 2013)
Pearse Doherty: Amendments Nos. 73 and 87 to 94, inclusive, are being discussed together.
- Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Central Bank (Supervision and Enforcement) Bill 2011: Committee Stage (24 Apr 2013)
Pearse Doherty: Yes. They are the Minister's amendments.
- Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Central Bank (Supervision and Enforcement) Bill 2011: Committee Stage (24 Apr 2013)
Pearse Doherty: I am lost.
- Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Central Bank (Supervision and Enforcement) Bill 2011: Committee Stage (24 Apr 2013)
Pearse Doherty: The Minister's proposals are included in amendments Nos. 87 to 94, inclusive.
- Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Central Bank (Supervision and Enforcement) Bill 2011: Committee Stage (24 Apr 2013)
Pearse Doherty: No problem. I welcome the Minister's amendments and wish to ask some short questions to seek clarification. There will be "excepted persons" under the new section 48. For example, a number of established groups - New Beginning, the Irish Mortgage Association, IMA, etc. - fall within the definitions of giving advice on the discharge of debt and negotiating with creditors. Do they also fall...
- Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Central Bank (Supervision and Enforcement) Bill 2011: Committee Stage (24 Apr 2013)
Pearse Doherty: I will ask the question in another way. Is it the intention to regulate organisations such as the IMA or New Beginning which give free advice to persons in mortgage distress?
- Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Central Bank (Supervision and Enforcement) Bill 2011: Committee Stage (24 Apr 2013)
Pearse Doherty: The Minister's definition of "no remuneration for the giving of advice" would not necessarily allow persons to attain charitable status.
- Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Central Bank (Supervision and Enforcement) Bill 2011: Committee Stage (24 Apr 2013)
Pearse Doherty: Nowhere in the relevant subsections is it stated an organisation that is not a charity will be exempt.
- Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Central Bank (Supervision and Enforcement) Bill 2011: Committee Stage (24 Apr 2013)
Pearse Doherty: My second query is on the fees to be applied by debt management agencies. Under this regulation, will that database be held centrally by the Central Bank and will the information be published to support consumer protection and the process of transparency?
- Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Central Bank (Supervision and Enforcement) Bill 2011: Committee Stage (24 Apr 2013)
Pearse Doherty: The fees and charges applied by debt management companies must be authorised by the Central Bank, but will there be a public register?
- Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Central Bank (Supervision and Enforcement) Bill 2011: Committee Stage (24 Apr 2013)
Pearse Doherty: There are public registers of the fees other entities can charge, particularly agencies that provide short-term loans. That database is available on the Central Bank's website. Will the Minister consider something along these lines for debt management agencies in order that people might be empowered to know who is charging the highest fees?
- Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Central Bank (Supervision and Enforcement) Bill 2011: Committee Stage (24 Apr 2013)
Pearse Doherty: My final question is on something that is missing from the section - debt collection. While debt management agencies are included, debt collectors remain unregulated. Did the Minister consider this matter while developing the legislation?
- Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Central Bank (Supervision and Enforcement) Bill 2011: Committee Stage (24 Apr 2013)
Pearse Doherty: If the Minister for Justice and Equality was present, he would probably claim that it was a financial service and could be legislated for like any other financial service. Between the two Ministers-----
- Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Central Bank (Supervision and Enforcement) Bill 2011: Committee Stage (24 Apr 2013)
Pearse Doherty: Debt collection is not licensed or regulated.