Results 3,741-3,760 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: I will deal with that because I want to go through each in turn. There are currently 24 external members of the panel. There is no threshold or limit to how many people the Minister can appoint. My plan is to appoint the current 24 members as members of a transitional panel so the group will be in place to act once the legislation is in place. They have a background as senior legal...

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 will not be. The existing panel will become the transitional panel and it will then be up to the Minister to determine who should be on it in future. The panel will be in place for up to three more years.

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: Is the Deputy's concern that they would all go at a single point?

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 is part of the thinking regarding why there is not a cap or threshold in place regarding the number of members of the panel. What will happen, subject to the legislation being passed by the Oireachtas, is that the other members of the panel will be appointed in the time ahead. As members exit the panel, there will be members who will have served already on the panel for a period. I...

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: They will be appointed for a four-year term, which may be renewed for one further period of up to four years. Then the Minister has the power to terminate in certain circumstances. To deal with part of the Deputy's question, one further renewal as possible. Beyond that, the person's position cannot be renewed any further.

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, they are all in their first term.

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: No.

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: No.

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 is not a board, just a group.

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: Being on the panel is not remunerated.

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. If they are appointed to perform a role on the panel, they are remunerated at that point. For a legal chair, the rate would be €1,000 per day, or €200 per hour. A professional panel member would get €850 per day, or €170 per hour.

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: That is correct.

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 will be considered case by case with the Central Bank. The Minister would not appoint an individual to be involved in a case if there were a conflict of interest.

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: Sorry, it is the Central Bank that will select from the panel.

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: Therefore, it is the Central Bank that would make adjudication on a potential conflict of interest.

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 will be a chair and up to two panel members. It will then be up to the bank to determine how many are needed. There would be a minimum of two and a maximum of three, including the chair.

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 the head of regulation.

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 refers to who the internal panel members are and will comprise all Central Bank staff holding a qualifying role, being the role of director or head of division in all directorates with the exception of the enforcement directorate, any anti-money laundering directorate and the strategy and governance directorate. The Governor, deputy governors and chief operating officers are not members...