Results 3,201-3,220 of 32,432 for speaker:Paschal Donohoe
- Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank (Individual Accountability Framework) Bill 2022: Committee Stage (30 Nov 2022)
Paschal Donohoe: -----and to make such an assertion is wrong. Finally, I will go back to the point that there has been a revelation this afternoon, which is that Deputy Barry, the man who wants to overthrow capitalism, said he is open to a discussion on variable pay. That shows a recognition of some of the issues this decision yesterday aimed to address.
- Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank (Individual Accountability Framework) Bill 2022: Committee Stage (30 Nov 2022)
Paschal Donohoe: I thank the Deputy for his contribution. He made reference, as he has done on a number of occasions, to the letter Philip Lane sent to me in 2019. He quoted selectively from page 2 of the letter. Did he have a look at what was stated on page 3 of the letter? If he did not, I will read it out to him. Page 3 of the letter he has quoted copiously from over recent days states, "Against this...
- Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank (Individual Accountability Framework) Bill 2022: Committee Stage (30 Nov 2022)
Paschal Donohoe: I will answer the Deputy's question-----
- Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank (Individual Accountability Framework) Bill 2022: Committee Stage (30 Nov 2022)
Paschal Donohoe: -----and maybe we will then get into exactly what the Sinn Féin stance on this is. The letter also acknowledges that, "There is a risk of losing staff in critical functions or with specialist skills in the areas of IT, risk, compliance and related functions to firms that are not subject to remuneration restrictions." I never heard the Deputy quote that line.
- Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank (Individual Accountability Framework) Bill 2022: Committee Stage (30 Nov 2022)
Paschal Donohoe: The letter goes on to state that, "The incorporation of variable pay into remuneration packages would also allow banks the flexibility to vary their costs in line with economic circumstances or business needs." The reason I begin with reminding the Deputy of elements of the letter-----
- Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank (Individual Accountability Framework) Bill 2022: Committee Stage (30 Nov 2022)
Paschal Donohoe: I acknowledged that.
- Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank (Individual Accountability Framework) Bill 2022: Committee Stage (30 Nov 2022)
Paschal Donohoe: It is always the same with the Deputy. He makes an argument. I make an argument back but he never allows me to finish my point or to complete the argument. For fear that his interruptions did not allow him to hear the point I made to him, he selectively quoted from a letter Philip Lane sent to me. That is the point I made. The reason I made it is because he is selectively quoting....
- Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank (Individual Accountability Framework) Bill 2022: Committee Stage (30 Nov 2022)
Paschal Donohoe: -----who have had their lives-----
- Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank (Individual Accountability Framework) Bill 2022: Committee Stage (30 Nov 2022)
Paschal Donohoe: The Deputy says that I do not care. I know he does not like having his selective quotations pointed out to him in front of the committee. I understand why he wants to interrupt me again, but to continue my point, he again made the point that I do not care about those who have been affected by the appalling scandal of what happened with tracker mortgages. I assure the committee that of...
- Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank (Individual Accountability Framework) Bill 2022: Committee Stage (30 Nov 2022)
Paschal Donohoe: That are in effect.
- Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank (Individual Accountability Framework) Bill 2022: Committee Stage (30 Nov 2022)
Paschal Donohoe: Yes. It would include them.
- Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank (Individual Accountability Framework) Bill 2022: Committee Stage (30 Nov 2022)
Paschal Donohoe: I move amendment No. 1: In page 24, line 11, to delete “subsections” and substitute “subsection”. These amendments propose to amend section 13. They all relate to the European Central Bank, ECB, competence in approving persons to pre-approval controlled function roles in significant entities. Section 13 amends section 23A of the Central Bank Reform Act 2010,...
- Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank (Individual Accountability Framework) Bill 2022: Committee Stage (30 Nov 2022)
Paschal Donohoe: Yes, that is correct.
- Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank (Individual Accountability Framework) Bill 2022: Committee Stage (30 Nov 2022)
Paschal Donohoe: Excuse me. I apologise. My answer to the Deputy’s question has just been framed by the debate we have been having on another matter. It is AIB and Bank of Ireland, but there is a larger group of banks that is under direct provision of the ECB. It includes AIB and Bank of Ireland, as I said, but it also references a large number of international banks that are present in Ireland. I...
- Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank (Individual Accountability Framework) Bill 2022: Committee Stage (30 Nov 2022)
Paschal Donohoe: That is correct.
- Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank (Individual Accountability Framework) Bill 2022: Committee Stage (30 Nov 2022)
Paschal Donohoe: That is correct.
- Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank (Individual Accountability Framework) Bill 2022: Committee Stage (30 Nov 2022)
Paschal Donohoe: I move amendment No. 2: In page 24, to delete lines 18 and 19 and substitute the following: “(b) make any other appointment the approval of which is subject to the exclusive competence of the ECB under Article 4(1)(e) of the SSM Regulation,”.
- Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank (Individual Accountability Framework) Bill 2022: Committee Stage (30 Nov 2022)
Paschal Donohoe: I move amendment No. 3: In page 24, to delete lines 20 and 21 and substitute the following: “unless the entity has been notified in writing by the ECB that it has approved the appointment.”,”.
- Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank (Individual Accountability Framework) Bill 2022: Committee Stage (30 Nov 2022)
Paschal Donohoe: I move amendment No. 4: In page 24, to delete lines 22 to 27.
- Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank (Individual Accountability Framework) Bill 2022: Committee Stage (30 Nov 2022)
Paschal Donohoe: I move amendment No. 5: In page 24, in line 30, to delete “body”.” and substitute the following: “body”, and (c) by the deletion of subsection (7).”.