Results 3,841-3,860 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 (30 Nov 2022)
Paschal Donohoe: Bear with me Deputy. My officials will get it for me and I will confirm that to him in a moment. My officials tell me that is the right section.
- Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank (Individual Accountability Framework) Bill 2022: Committee Stage (30 Nov 2022)
Paschal Donohoe: Where 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: That is what we are inserting. Under the item the Deputy referred to what we are doing is inserting into that Act the text that is now the subject of the new piece of 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: The piece of text the Deputy referred to is being amended via this Act in section 3.
- 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.
- 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 under the section entitled "duty of responsibility". It is section 53.
- 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 the section that is amending the Act to which the Deputy refers.
- Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank (Individual Accountability Framework) Bill 2022: Committee Stage (30 Nov 2022)
Paschal Donohoe: Absolutely. To answer the Deputy's question, the text of the Bill now reads: Section 48 of the Act of 2013 is amended— (a) in subsection (2), by the insertion of the following paragraphs after paragraph (b): “(ba) provision specifying the aspects of a regulated financial service provider’s affairs for which a PCF holder has inherent responsibility for the purposes...
- 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. The purpose of the prescribed responsibilities will be to provide clarity for a firm and the Central Bank as to who is responsible for the key activities of that firm. The Deputy is correct. That is what this section does.
- 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: Does the Deputy mean a list of institutions?
- Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank (Individual Accountability Framework) Bill 2022: Committee Stage (30 Nov 2022)
Paschal Donohoe: For now, the Central Bank is not looking to expand matters beyond the roles it has already indicated.
- Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank (Individual Accountability Framework) Bill 2022: Committee Stage (30 Nov 2022)
Paschal Donohoe: Under the existing legislation, the bank has the ability to determine what the roles will be. I imagine that, if and when this legislation is enacted, the Central Bank will determine what the roles are and whether they should be expanded. However, I expect that there would be consultation with the Department of Finance on the matter. It is a role for the bank.
- 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 would be for the Central Bank to gain confidence that the person involved in performing a particular role has the experience and background that would qualify him or her to perform the role in the first place. This is laid out in section 53D (b) and (c). One of the areas that will no doubt flow from this is looking at whether the right level of training or support is in place for...
- 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. The Central Bank has to be satisfied that the person being appointed - the head of risk is a great example - has the right level of knowledge and sufficient skills and experience to perform the very important roles in banks, roles that will be the subject of a lot more scrutiny and focus due to the enactment of 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: With respect, the majority of individuals who would be in those roles would be in roles that are already defined as controlled function 1 roles under the existing fitness and probity regime. These will be individuals who will hold senior executive roles in banks but they will already be deemed to hold these by virtue of the existing regulatory framework in place for them. They are referred...
- Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank (Individual Accountability Framework) Bill 2022: Committee Stage (30 Nov 2022)
Paschal Donohoe: They are laid out in terms of the expectations that are there regarding the roles. The conduct standards, to which the Deputy referred include: the need to act honestly and with integrity; act with due skill; be co-operative with the Central Bank; act in the best interests of customers; and operate in compliance with standards of market conduct. In addition to these requirements,...
- Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank (Individual Accountability Framework) Bill 2022: Committee Stage (30 Nov 2022)
Paschal Donohoe: They are broader.