Results 3,861-3,880 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: I do not think so. The reason for that is the caveat that is in here regarding the additional conduct standards, which refers to the delegation of tasks. It may need to be more precise, but I do not think so. My expectation is that somebody in a senior role, if they are subject to an additional conduct standard, would then be responsible for the performance of the individual who was...

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 would expect that would happen. The reason for that is not just what I said to the Deputy a moment ago regarding section 53F(c), which refers to delegated tasks. That is the issue he raises. In addition, if he looks at the senior role, whether it be the CEO or head of risk, he will see that section 53F(a) contains the phrase "that the business of the regulated financial services provider...

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 only positive consequence of the amount of effort involved in getting the legislation prepared and how long it has taken is that the training is already being provided in banks and companies involved, in particular legal firms, in implementing this legislation within banks. I am aware of many different seminars that have taken place already on how this will be implemented. This is work...

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 the Central Bank will engage in consultation with the financial services sector to make sure there is clarity regarding key aspects of this legislation and the guidelines will be published six months after that consultation has concluded.

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 would expect that if we are successful in passing this legislation before the recess, the guidelines will be published before the middle of next year.

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

Paschal Donohoe: As an act of courtesy we will make sure they are shared with this committee too.

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 happy to consider that request. In the spirit of giving Deputy Doherty an answer I can stand over, I will consider it and get back to him quickly.

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 not sure how the Deputy's question relates to the particular section we are discussing but I accept that he is entitled to put it to me. I am very happy to consider the request and get back to him promptly on how I can share the report with the committee or if I can share it.

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 noted.

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 this is already a very well-established legal principle. It is a common principle of civil and criminal law. That said, there are ample other grounds in this legislation that would allow for the pursuit of an issue like the tracker mortgage scandal, particularly with regard to the additional conduct standards that we discussed earlier and the requirement for the business...

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 thank the Deputy. I understand that even in civil law, this is a standard constitutional right that exists. This is a long-standing constitutional privilege that individuals enjoy if they stand accused of a matter. As I said a moment ago, elsewhere in the legislation, particularly in terms of the conduct standards that are laid out, there will be ample opportunity for a regulator to...

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

Paschal Donohoe: My officials have reminded me that at that point the guidelines will also be shared with this committee.

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 was not published because it did not lead to a recommendation coming to Cabinet but I will certainly consider whether it should be published now.

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 always performed in a decent way in front of this committee over a number of years. I am well aware of my obligations to this committee from a democratic point of view and have always sought to fulfil them. I thank Deputy Doherty for informing me of the very recent decision of the committee to request a copy of the report. I can commit to giving the request careful and quick...

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 do need to be vigilant. If the Oireachtas agrees to the passage of this legislation, then it will be a further step forward in how we regulate and guard against risks. I take some heart from the fact that we went through a pandemic that put such a strain on people who had loans with banks and were in relationship with banks, particularly SMEs. While the massive financial support 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: Regarding the scenario that is on my mind and that I believe will grow in the time ahead, I will pick IT as an example. My decision yesterday provoked a debate. I understand why and I have a duty to engage in this debate. It tends to be seen through the prism of bankers' pay in the context of people who are already earning a lot of money and who the public may feel will now gain very large...

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

Paschal Donohoe: To the best of my knowledge there is no legal impediment to doing this. I have several points to make on this issue. I am glad the debate has brought to light the pay structures in our banks. The reality that a very large number of the staff we are discussing do not earn very large amounts of money, although some do earn good salaries and I acknowledge that. This decision will be very...

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 a positive shift in stance from the Deputy, which I appreciate. Indicating his support for the principle of this up to a certain wage level is an honest admission of the challenges that are there at present. We encountered two difficulties with regard to the €100,000 threshold in this regard. Bearing in mind that those who earn more than €100,000 in our banks...