Results 3,361-3,380 of 4,414 for speaker:Sean Barrett

Seanad: Central Bank (Supervision and Enforcement) Bill 2011: Committee Stage (27 Jun 2013)

Sean Barrett: I thank the Minister, as always, for his response. The Minister mentioned section 4. For clarification, the version I have has a miniscule section 4 dealing with repeals and revocations? Does the Minister refer to section 4 of today’s Bill? Perhaps he might advise me in that regard.

Seanad: Central Bank (Supervision and Enforcement) Bill 2011: Committee Stage (27 Jun 2013)

Sean Barrett: I thank the Minister, I misheard him previously. I have taken a note of that. That is important. I welcome that also. I am concerned about the broad remit of financial services that trustees of pension funds seem to be boasting that they are hundreds of millions in debt. Some of them think the Minister will bail them out, which is most worrying as well. I also am greatly concerned about...

Seanad: Central Bank (Supervision and Enforcement) Bill 2011: Committee Stage (27 Jun 2013)

Sean Barrett: I again thank the Minister for his comments on the aforementioned debt payment agencies and am obliged to him.

Seanad: Central Bank (Supervision and Enforcement) Bill 2011: Committee Stage (27 Jun 2013)

Sean Barrett: I move amendment No. 14: In page 19, subsection (1), line 1, after “records” to insert “, computer records, tapes and other recordings”.This amendment is to be inserted after the line in section 23(1) stating "The Bank may require that information, records or other documents". I do not know whether I am being tedious on the Minister's time but the object was to...

Seanad: Central Bank (Supervision and Enforcement) Bill 2011: Committee Stage (27 Jun 2013)

Sean Barrett: We should probably pay tribute to the framers of the Central Bank Act 1942 because they had a remarkable ability to predict what kind of technology would exist in 2013. I thank the Minister and will not push the amendment.

Seanad: Central Bank (Supervision and Enforcement) Bill 2011: Committee Stage (27 Jun 2013)

Sean Barrett: I move amendment No. 15: In page 27, line 19, after "auditing." to insert the following:"The Bank shall conduct and publish research on standards for assurance and auditing and shall be the authority for stipulating and regulating such standards.".Section 27BA(9) as inserted by section 35 of the Bill states: "In specifying under subsection (2)(b) the standards in accordance with an...

Seanad: Central Bank (Supervision and Enforcement) Bill 2011: Committee Stage (27 Jun 2013)

Sean Barrett: I thank the Minister. I accept what he says but as a Member of the House, I think the citizens might like to hear the odd noise out of the Irish Auditing and Accounting Supervisory Authority. It seemed to be remarkably silent at a period when such damage had been done to the country. That was the purpose of the amendment. If the authority is lax or slow in discharging its duties, we might...

Seanad: Central Bank (Supervision and Enforcement) Bill 2011: Committee Stage (27 Jun 2013)

Sean Barrett: I move amendment No. 16: In page 33, between lines 9 and 10, to insert the following subsection: "(4) The Bank shall publish in its Annual Report a statement of the employment status of persons reporting breaches and a statement of the reforms undertaken by the body in respect of which the report of breaches was made.".This is a very welcome provision for which I commend the Minister. I am...

Seanad: Central Bank (Supervision and Enforcement) Bill 2011: Committee Stage (27 Jun 2013)

Sean Barrett: Is there a role for the Ombudsman in this? I believe corporate Ireland will penalise the whistleblower regardless of the protections we insert here. That is the human rights part of it. The record is that the whistleblower's career would take a different path if he or she stays quiet. As the song goes, "Whatever you say, say nothing", and we need this to happen. What about the...

Seanad: Central Bank (Supervision and Enforcement) Bill 2011: Committee Stage (27 Jun 2013)

Sean Barrett: I move amendment No. 17: In page 33, subsection (3), line 36, after “exceed” to insert “triple”.Section 43(3) reads: "In subsection (1) “appropriate redress” means such monetary or other redress as is specified in the direction and (in the case of redress for pecuniary loss) as does not exceed the amount of the loss suffered or anticipated to be...

Seanad: Central Bank (Supervision and Enforcement) Bill 2011: Committee Stage (27 Jun 2013)

Sean Barrett: I move amendment No. 20: In page 44, subsection (1), between lines 4 and 5, to insert the following:“(c) in the case of the so-called pillar banks shall consult with the Competition Authority and the National Competitiveness Council on the impact of the proposed regulations on the non-banking economy,”.The section in the Bill provides that the Central Bank "may consult with such...

Seanad: Central Bank (Supervision and Enforcement) Bill 2011: Committee Stage (27 Jun 2013)

Sean Barrett: Is there a possibility the phrase "any other body" is too vague? As consumers, we want to have specified bodies referred to. Referring to "any other body" allows for discretion when society wants better value from Irish banks. I am sure the Governor and his very able staff will consult the bodies I have mentioned. Should it be discretionary? How will we enforce it? They may say that...

Seanad: Central Bank (Supervision and Enforcement) Bill 2011: Committee Stage (27 Jun 2013)

Sean Barrett: I thank the Minister. We developed a banking system that was based solely on property. Bankers played golf with builders and built up house prices. The expertise for SMEs to which the Minister referred will be welcome. He will get strong support from these benches.

Seanad: Central Bank (Supervision and Enforcement) Bill 2011: Committee Stage (27 Jun 2013)

Sean Barrett: I move amendment No. 23: In page 55, line 38, to delete “€10,000,000” and substitute “€50,000,000”.As I understand it, the penalties under the 1942 Act are doubled but inflation has increased far more. I would hate to think that the penalties were being reduced in real terms. It is okay if we fine them the index linked euro equivalent of the 1942...

Seanad: Central Bank (Supervision and Enforcement) Bill 2011: Committee Stage (27 Jun 2013)

Sean Barrett: I thank the Minister. As always, I sought harsher fines. If we were trying to do the reverse I do not think that any Member of the House would be happy to take a doubling of his or her 1942 salary and expect to live on that sum. It would be a reduction in real terms. I appreciate that the Minister wants an early warning system. I will not press my amendment. Reducing the imposition of...

Seanad: Central Bank (Supervision and Enforcement) Bill 2011: Committee Stage (27 Jun 2013)

Sean Barrett: I move amendment No. 25: In page 59, between lines 12 and 13, to insert the following:“(d) the responses of the financial service provider to complaints made under this section.”.My amendment deals with the ombudsman's report and its content. The section contains excellent material such as the trading name of the financial services provider, the identity of any group that the...

Seanad: Central Bank (Supervision and Enforcement) Bill 2011: Committee Stage (27 Jun 2013)

Sean Barrett: We have serial offenders and I would impose harsher fines on them. However, I will not press my amendment and thank the Minister for his response.

Seanad: Central Bank (Supervision and Enforcement) Bill 2011: Committee Stage (27 Jun 2013)

Sean Barrett: I thank the Minister and wish him well.

Seanad: Order of Business (27 Jun 2013)

Sean Barrett: I thank the Leader for his splendid contribution on the role of the Seanad during yesterday's debate on the Thirty-second Amendment of the Constitution (Abolition of Seanad Éireann) Bill. On the points made by Senators Conway and Hayden, the House will be taking Committee Stage of the Central Bank (Supervision and Enforcement) Bill 2013 this afternoon. In that context, I note that some...

Seanad: Register of Lobbyists Legislation: Motion (26 Jun 2013)

Sean Barrett: I praise the Senators who proposed the motion. This is a major problem. It is estimated there are 14,000 lobbyists in Britain, 17,000 in the United States and 10,000 in Brussels. What are they doing? They are earning large amounts through their role in influencing legislation and, as Senator Byrne pointed out, that is our task. We should not allow that influence and I agree with Senator...