Results 3,181-3,200 of 6,207 for speaker:Jennifer Carroll MacNeill

Seanad: Central Bank (Individual Accountability Framework) Bill 2022: Report and Final Stages (22 Feb 2023)

Jennifer Carroll MacNeill: I thank the Senator and understand the point she is making with these amendments. I have looked at them carefully. The Senator is trying to insert references to this "or other relevant legislation” and this set of obligations or other relevant obligations. Two difficulties arise with the amendments. One is they do not define relevant legislation or obligations, which we must do to...

Seanad: Central Bank (Individual Accountability Framework) Bill 2022: Report and Final Stages (22 Feb 2023)

Jennifer Carroll MacNeill: I thank Senator Black for raising this because it speaks to what we are trying to do with this legislation, who we seek to include and the significant expansion of people who will now come under this legislation. I understand the Senator wants accountability and reporting and that is important. However, the system for designated controlled functions and pre-approval controlled functions has...

Seanad: Central Bank (Individual Accountability Framework) Bill 2022: Report and Final Stages (22 Feb 2023)

Jennifer Carroll MacNeill: This amendment encapsulates what we are trying to do with this legislation, which is to add to the regulatory structures we have put in place, specifically, in response to the financial crisis. On speaking to the Central Bank today, it was careful to reiterate its mandate, which is around the protection of the financial system in Ireland, specifically, for the well-being of the people of the...

Seanad: Central Bank (Individual Accountability Framework) Bill 2022: Committee Stage (16 Feb 2023)

Jennifer Carroll MacNeill: I thank the Senator for raising those points. There is quite a lot to get through, so I might speak in general terms and then go through some of the specifics, if that is okay. What he raised gets to the essence of what we are and are not trying to achieve with the Bill in respect of cultural change, enabling appropriate look-back and striking all the correct balances. He correctly...

Seanad: Central Bank (Individual Accountability Framework) Bill 2022: Committee Stage (16 Feb 2023)

Jennifer Carroll MacNeill: Yes, for precisely the reason the Senator raised. It may very well be the case that should have happened with Central Bank employees and that facility should be there, and it is about how we can do that appropriately. Of course, the six-year period was chosen based on the Statute of Limitations and so on, but it is really about preventing what has been a practice of strategic resignations,...

Seanad: Central Bank (Individual Accountability Framework) Bill 2022: Committee Stage (16 Feb 2023)

Jennifer Carroll MacNeill: The individual we do not like has just as many rights as another we perceive we like for one reason or another. They are rights holders in our society as much as any other person, and their human rights and process rights must be protected as much as those o any other person in any other process. It is very important, therefore, to go through this in some detail. I might outline the...

Seanad: Central Bank (Individual Accountability Framework) Bill 2022: Committee Stage (16 Feb 2023)

Jennifer Carroll MacNeill: Yes, but I believe we have built it in. I apologise; I do not know if I am supposed to be answering the Senator.

Seanad: Central Bank (Individual Accountability Framework) Bill 2022: Committee Stage (16 Feb 2023)

Jennifer Carroll MacNeill: Yes, that has already been built into the Bill throughout each set of processes.

Seanad: Central Bank (Individual Accountability Framework) Bill 2022: Committee Stage (16 Feb 2023)

Jennifer Carroll MacNeill: Sure.

Seanad: Central Bank (Individual Accountability Framework) Bill 2022: Committee Stage (16 Feb 2023)

Jennifer Carroll MacNeill: Essentially.

Seanad: Central Bank (Individual Accountability Framework) Bill 2022: Committee Stage (16 Feb 2023)

Jennifer Carroll MacNeill: I thank the Senator and of course it is not in the legislation as he has drafted it, which specifies a general duty that applies to all things, rather it is built into the operation of each section. I think I took the Senator-----

Seanad: Central Bank (Individual Accountability Framework) Bill 2022: Committee Stage (16 Feb 2023)

Jennifer Carroll MacNeill: Yes. I may refer to page numbers in the Bill but section 43 of the Bill inserts new sections, section 33ANJ and section 33ANK into the 1942 Act and this is just by way of example, in addition to section 15, in respect of the contents, for example, of the notice for investigation, the notice about the investigation and any changes to that. There are specific requirements about what it needs...

Seanad: Central Bank (Individual Accountability Framework) Bill 2022: Committee Stage (16 Feb 2023)

Jennifer Carroll MacNeill: I thank the Senator. I am not sure that I said it could be looked at again. I said if the need arises and there are difficulties, it could be looked at again. As in all matters of legislation, we have to go back and fix our mistakes. That sort of speaks to one of the points I wish to make on this issue. We need to think about this more broadly. People are going to make mistakes...

Seanad: Central Bank (Individual Accountability Framework) Bill 2022: Committee Stage (16 Feb 2023)

Jennifer Carroll MacNeill: That is correct.

Seanad: Central Bank (Individual Accountability Framework) Bill 2022: Committee Stage (16 Feb 2023)

Jennifer Carroll MacNeill: The limitation on judicial review is precisely because, as the Senator stated, there is an appeal process to the Irish financial services appeals tribunal, which is an appropriately comprised judge-led body with appropriate processes that is specifically there for that purpose. That is the limitation. Obviously, any other decision relating to the bank can be reviewed through judicial...

Seanad: Central Bank (Individual Accountability Framework) Bill 2022: Committee Stage (16 Feb 2023)

Jennifer Carroll MacNeill: Forgive me; I will have to ask my officials to check that for the Senator.

Seanad: Central Bank (Individual Accountability Framework) Bill 2022: Committee Stage (16 Feb 2023)

Jennifer Carroll MacNeill: I thank the Senator Gavan for moving the amendment on behalf of Senators Black and Higgins. I understand the Senator's concern, which I share, that the Bill should have a positive effect and that this should be spread as widely as possible throughout the country. The point of the Bill is to further enhance the regulatory and cultural changes that were made in the financial services industry...

Seanad: Central Bank (Individual Accountability Framework) Bill 2022: Committee Stage (16 Feb 2023)

Jennifer Carroll MacNeill: I cannot accept an amendment that deals with something that has not happened yet. The basic principle of legislation is certainty and transparency and this is not yet in law. The directive is not in force. The Council position was only agreed in December 2022 and has yet to go to the European Parliament. Once agreed, the directive will become law. If it refers to financial services...

Seanad: Central Bank (Individual Accountability Framework) Bill 2022: Committee Stage (16 Feb 2023)

Jennifer Carroll MacNeill: Some context and background is appropriate to where these amendments are being placed. Section 6 is an important part of the Bill that provides for duties and standards to support the introduction of the accountability element of the Bill but, most importantly, it provides for the balances that are required to ensure the robustness of the provisions from a constitutional perspective as we...

Seanad: Central Bank (Individual Accountability Framework) Bill 2022: Committee Stage (16 Feb 2023)

Jennifer Carroll MacNeill: I will deal with each amendment in turn. Amendment No. 11 seeks to insert "rights and" after "the". The insertion of the text proposed in the amendment is already encompassed in the current wording. From a drafting perspective, it does not add anything to that which is already in the existing wording, and I do not accept the amendment. Amendment No. 12, which seeks to insert "or who are...