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Leaders' Questions (20 Jan 2010)

Joan Burton: Is that-----

Leaders' Questions (20 Jan 2010)

Joan Burton: That is proper order.

Leaders' Questions (20 Jan 2010)

Joan Burton: We are talking about banks.

Order of Business (20 Jan 2010)

Joan Burton: I want to ask the Taoiseach about the Government amendment to tonight's Labour Party motion. Section 33 AK of the Central Bank Act 2003 expressly forbids the Governor, currently Professor Patrick Honohan, from publicly discussing or disclosing any commercially confidential information in respect of any regulated firm or entity.

Order of Business (20 Jan 2010)

Joan Burton: That applies to the Financial Regulator and it is also a clause in the current NAMA legislation. It seems that the Governor is legally prohibited from coming in and discussing the kind of review that the Government has outlined in its amendment to the Labour Party motion.

Order of Business (20 Jan 2010)

Joan Burton: This is probably the most important public issue.

Order of Business (20 Jan 2010)

Joan Burton: In that case, I will ask the Taoiseach a separate question. In the context of the proposals regarding the Governor of the Central Bank, has the Government taken legal advice as to whether fresh legislation is required to allow the Governor communicate with the Oireachtas committee and act in the way described by the Taoiseach and Minister for Finance in their comments? Is specific...

Order of Business (20 Jan 2010)

Joan Burton: On a second matter, the Order Paper features a proposal to have a new Central Bank Bill. Is it proposed to have the legislation in place before the inquiry commences or subsequently? The Bill could be the mechanism by which the Governor, Professor Honohan, is given the legal powers of inquiry the Government has-----

Order of Business (20 Jan 2010)

Joan Burton: It was the Taoiseach who brought this matter before the House when he stated we would get answers. However, the Governor of the Central Bank is legally prohibited under section 33AK of the Central Bank Act from doing this.

Order of Business (20 Jan 2010)

Joan Burton: The Taoiseach has taken up valuable time of the House in informing us that we would get answers to all our questions and he is not hiding anything.

Order of Business (20 Jan 2010)

Joan Burton: However, section 33AK explicitly forbids the Governor of the Central Bank from bringing any information into the public domain that is in any way sensitive. It is reasonable to ask the Taoiseach if the Government will introduce fresh legislation or amend existing legislation and when it will introduce the Central Bank Bill.

Order of Business (20 Jan 2010)

Joan Burton: My questions refer to the Central Bank Bill and the lengthy amendment the Government has brought-----

Order of Business (20 Jan 2010)

Joan Burton: -----to the Labour Party Private Members' motion. I am asking the Taoiseach how he proposes to lift the legal gag on the Governor of the Central Bank, Professor Honohan.

Order of Business (20 Jan 2010)

Joan Burton: He cannot agree to do something that is illegal.

Order of Business (20 Jan 2010)

Joan Burton: While Professor Honohan may not have such intentions-----

Order of Business (20 Jan 2010)

Joan Burton: Yes.

Order of Business (20 Jan 2010)

Joan Burton: What the Taoiseach has said is incomplete. A commitment has been given that Professor Honohan will come before a committee of the House to discuss the inquiry and the findings of his scoping review.

Order of Business (20 Jan 2010)

Joan Burton: Section 33 of the Central Bank Act expressly forbids the Governor of the Central Bank from doing this. I ask the Taoiseach whether he can resolve this conundrum because legally Professor Honohan is gagged and may not, under the provisions of section 33 of the Central Bank and Financial Services Authority of Ireland Act, come before the Joint Committee on Finance and the Public Service or any...

Order of Business (20 Jan 2010)

Joan Burton: He did not specifically refer to an inquiry into wrongdoing by the banks, as the Government is proposing he should do.

Banking Crisis: Motion (Resumed) (20 Jan 2010)

Joan Burton: And Deputy Bertie Ahern and Charlie McCreevy.

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