Results 3,101-3,120 of 32,527 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: 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.

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, it is. I understand this is a standard provision in civil law that the bank shall have regard to the balance of probabilities and in so doing, should have regard to all relevant matters including the final investigation report. Any submissions produced are provided in relation to the draft investigation report and any evidence adduced or submissions made during the inquiry. This is, I...

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. 30: In page 50, between lines 4 and 5, to insert the following: “(7) Section 33AP, except subsection (2), applies to an inquiry under subsection (2)(b) or (4)(b) of this section as it applies to an inquiry under section 33AO.”

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. 31: In page 50, line 5, to delete “(7) At” and substitute “(8) At”.

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. 32: In page 50, line 8, to delete “(8) A notification under subsection (7)” and substitute “(9) A notification under subsection (8)”.

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 is there. Section 33ARA (1)(v) refers to "the duration of the period over which the person committed or participated in the prescribed contravention."

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, it does. If the Deputy looks again at the new section 33ARA(1)(c)(i), it refers to "how quickly, effectively and completely the person brought the prescribed contravention to the attention of a regulated financial service provider, the Bank or...[the]...relevant regulatory" body. Failing to do so is as relevant an issue as doing something. The reference is to the "degree of...

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 question is "Yes", which is why there is reference to the "degree of co-operation". The lack of co-operation or a low-level of such co-operation is encapsulated in the drafting which refers to "degree".

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 confident the matter is dealt with. If the Deputy has a look at the conduct standards, subsection 53E(1)(c)(v), and we are going back to where we were earlier, refers to "not destroying, hiding or putting beyond reach information or records that it is reasonable for the person to expect to be required to be disclosed under financial services legislation".

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 officials advise me that this matter is dealt with under the drafting of "degree of co-operation". This is why it is captured. I completely understand where the Deputy is coming from, but this is why a consideration articulated in the legislation is the actual conduct of the person during the commission. In the Deputy's scenario, and it is more than hypothetical, unfortunately, what we...

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 will speak to the section. This Bill amends section 33AV of the 1942 Act to provide that the bank may enter into an agreement with an individual or regulated financial services provider to resolve a suspected contravention. It amends the section to provide that such an agreement may not be entered into where there is an admission by the person concerned of committing or participating in 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.

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 believe it would only be institutions, but I will check to see whether there were individuals. I would imagine it would only be institutions.

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 understand the Deputy’s point. It is exceedingly unlikely that the Central Bank would enter into such an agreement about matters that it would be concerned are of a serious nature. That is exceedingly unlikely, but I do understand the issue that the Deputy is raising and between now and Report Stage I will look at the drafting of this 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 believe that is exceedingly unlikely-----

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: -----that a scenario such as the one that the Deputy is referring to could happen, but I understand the matter that he is referring to. I give notice to the committee that we will consider the drafting of this section to see if it needs to be made more explicit.

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 do not believe that it would be publicly acknowledged.