Results 3,221-3,240 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: This section amends section 25 of the 2010 Act. The six-year period is significant because it refers to the timeframe within which a person can be investigated for their performance of a controlled function preceding the commencement of the investigation itself. In other words, to state it more plainly, the lookback period for the breach of regulations is six years. The reason we picked...

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 have listened to what the Deputy has said. At the moment, as he knows, this provision is not in place at all. When I was explaining how this would work to him and to the committee, I was not clear enough because the six-year period refers to the period of time after which an individual has resigned from the particular controlled function role. In my earlier explanation to the Deputy, 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: It is any performed function. In the scenario the Deputy has identified, if the individual had been in another controlled function and they moved up to a more senior role, or indeed any other role, they are still captured by this legislation.

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. One of the issues this Bill is trying to address is not just some of the difficulties we have just discussed regarding how long it can take to identify an incident. While that is a key issue, it is also to address the risk that somebody might decide to resign and by resigning from a controlled function, they would then argue they are not subject to the scope of the...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank (Individual Accountability Framework) Bill 2022: Committee Stage (30 Nov 2022)

Paschal Donohoe: We will confirm this before Report Stage, but my view is regardless of where they are resident, they still have to be subject to this law. If they leave the country, then they are still subject to the remit of this law if, obviously, the regulatory breach was committed in this jurisdiction in the first place.

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. 6: In page 26, to delete lines 29 to 38, and in page 27, to delete lines 1 and 2 and substitute the following: “(a) by the substitution of the following subsections for subsection (1): “(1) The Head of Financial Regulation may issue a notice (in this Part called a ‘suspension notice’) in relation to a person if— (a)...

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. 7: In page 27, lines 8 and 9, to delete “details of a notification received under section 43(11A), as the case may be” and substitute “where subsection (1)(b) of this section applies, details of the prohibition”.

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. 8: In page 27, to delete lines 11 to 13 and substitute the following: “(ii) by the substitution of the following paragraph for paragraph (d)— “(d) shall require the suspended person and any regulated financial service provider or holding company on which a copy of the notice is served to show cause, in writing, within 5 days after service of the...

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 understand that. What we are referring to here is giving the Central Bank the flexibility to decide whether the commitment of resources is appropriate to pursue a particular matter. In practice, however, while it is important that it be given that role, I have little doubt at all but that if the Central Bank were to pursue a matter that it believed involved a breach of law or a serious...

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 consider the issue Deputy Doherty has raised. It is a fair point. I wish to give notice that I may consider the matter for change on Report Stage because I take the point the Deputy raises. My expectation is that resources would always be made available to deal with the serious matters covered in this legislation. I wish to reassure myself, however, that what we are doing here is...

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. 10: In page 28, lines 14 and 15, to delete “following receipt of a notification under section 43(11A)” and substitute “in the circumstances mentioned in section 26(1)(b)”.

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. 11: In page 28, to delete line 28 and substitute the following: “(d) by the substitution of the following subsection for subsection (4): “(4) A suspension notice that has been confirmed in accordance with subsection (1) has effect until— (a) the end of the period of 6 months from the date on which the suspension notice would otherwise have...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank (Individual Accountability Framework) Bill 2022: Committee Stage (30 Nov 2022)

Paschal Donohoe: This section does indeed refer to the issue of the suspension notices. The process is as follows. If necessary, the Central Bank may suspend a person from a controlled function or a prescribed controlled function role temporarily by way of a suspension notice while carrying out an investigation or related process. A suspension notice confirmed by the head of financial regulation is valid...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank (Individual Accountability Framework) Bill 2022: Committee Stage (30 Nov 2022)

Paschal Donohoe: A wide range of Central Bank decisions may be appealed to the Irish Financial Services Appeals Tribunal, IFSAT. I do not have to hand the information as to how many people work in the tribunal, who they are and what their resources are, though that information is available to me and I can share it with the Deputy. My Department and I believe that the organisation has the financial services...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank (Individual Accountability Framework) Bill 2022: Committee Stage (30 Nov 2022)

Paschal Donohoe: In the interests of time, we might go into private session for a moment because those are particularly detailed questions. I will ask my officials to answer Deputy Doherty directly.

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 am informed that the main reason we are doing this is that the Central Bank already does perform a role with regard to holding companies but the view of officials was that it was necessary to place it on more solid legal and statutory footing by the references which Deputy Doherty just mentioned which are quite frequent in the legislation.

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. 12: In page 34, to delete lines 33 to 37.

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 fitness and probity.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank (Individual Accountability Framework) Bill 2022: Committee Stage (30 Nov 2022)

Paschal Donohoe: Apart from where there is an agreement in respect of section 46. Yes, that is correct.