Results 3,701-3,720 of 33,118 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: 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.

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, because there would not have been an admission of wrongdoing.

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: This legislation does give the power to the Central Bank to do that. My officials have indicated that section 64, the proposed new section 33BC(3A) of the Act of 1942 states, "If the Bank has entered into an agreement with a person under section 33AV, it may publish, subject to subsection (4), in such form and manner as it thinks appropriate ... the following particulars”, which...

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 ask the Chair if we can go into private session so that one of my colleagues can direct the answer to that question to Deputy Doherty.

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: Section 53 of the Bill amends section 33AW of the 1942 Act to enhance oversight by the High Court of sanctions imposed by an inquiry decision of the Central Bank or an appeal decision of the Irish Financial Services Appeals Tribunal, IFSAT, and provides for procedures that must be adhered to. These changes are made in light of the requirement for court oversight of decisions on foot of 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: It is not one, to the best of my knowledge, that I have used in front of this committee previously.

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. 34: In page 55, to delete line 24 and substitute “ex parte.”. Amendments Nos 34 and 35 provide for a mechanism for the enforcement of sanctions imposed by consent under section 33AR of the Central Bank Act 1942. Amendment No. 34 is a technical amendment to facilitate the insertion of the new subsection and amendment No. 35 provides clarity as to when 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: I move amendment No. 35: In page 55, between lines 24 and 25, to insert the following: “(5) The imposition of a sanction confirmed by the High Court under this section— (a) takes effect on the day on which the Court’s decision is given or such later date as the Court may specify in its decision, and (b) has effect as an order of the Court and may be enforced...

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. 36: In page 55, line 31, to delete “section 33BE(5)” and substitute “section 33BE(7)”. I propose to discuss amendments Nos. 36, which amends section 56, and amendments Nos. 48 to 55, inclusive, which amend section 66, together because they all deal with the separation of functions in the Central Bank's processes in line with the requirement...

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. 37: In page 56, line 26, to delete “order” and substitute “direct”. I propose to discuss amendments Nos. 37 to 46, inclusive, 57, 58 and 63 to 67, inclusive, together because they make technical corrections to the Bill. They change references to "an order" to " a direction" to clarify that certain notices must be given in writing and that...