Results 3,921-3,940 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: A wide range of Central Bank decisions may be appealed to the Irish Financial Services Appeals Tribunal, IFSAT. I do not have to hand the information as to how many people work in the tribunal, who they are and what their resources are, though that information is available to me and I can share it with the Deputy. My Department and I believe that the organisation has the financial services...

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

Paschal Donohoe: In the interests of time, we might go into private session for a moment because those are particularly detailed questions. I will ask my officials to answer Deputy Doherty directly.

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 informed that the main reason we are doing this is that the Central Bank already does perform a role with regard to holding companies but the view of officials was that it was necessary to place it on more solid legal and statutory footing by the references which Deputy Doherty just mentioned which are quite frequent in the 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: I move amendment No. 12: In page 34, to delete lines 33 to 37.

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 fitness and probity.

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

Paschal Donohoe: Apart from where there is an agreement in respect of section 46. 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: 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: They must go directly to the High Court. This is the key issue here. Regarding prohibition notices, the only recourse available is through the High Court.

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 sorry for interrupting the Deputy, but this is all this section deals with. When I say "all", it is a big issue, because this is what this section is purely focused on. I refer to the relationship between the High Court, the Central Bank and the individual with regard to a prohibition notice.

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 an individual rather than the regulated financial service 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: It would refer to requiring the person concerned to cease performing an element of his or her role. This is the issue that could be subject to the High Court's role.

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 amendments we have made, in the situation described by the Deputy, for example, where an individual receives a prohibition notice and ends up deciding to appeal that to the High Court, even in that scenario the person concerned can still be suspended from his or her role while that process is playing out. Regarding the time involved, that is going to be a matter for the courts. As...

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 section deals with the possibility that the prohibited person is performing a controlled function in respect of a holding company and that they incorporate the provisions of repealed section 44. Section 31 provides for the circumstances where a prohibited person or any regulated financial service provider or holding company, in relation to which the prohibited person was performing a...

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 move amendment No. 13: In page 38, line 26, after “means” to insert “, subject to subsection (1A),”. I propose to discuss amendments Nos. 13 to 16, inclusive, in section 37, together with amendment No. 17 in section 43, as these amendments deal with the extension of the definition of "authorised officer" to be inserted into section 33AN of the Central 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: I move amendment No. 14: In page 39, line 2, to delete “following subsection” and substitute “following subsections”.

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 move amendment No. 15: In page 39, between lines 2 and 3, to insert the following: “ “(1A) Where, under a provision of a designated enactment other than section 24 of the Central Bank (Supervision and Enforcement) Act 2013, or under a designated statutory instrument, the Bank has power to appoint authorised officers with powers exercisable in relation to a prescribed...

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 ask the Deputy to bear with me as I make sure I understand his question-----

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 example the Deputy gives is of somebody being on a board but not in a controlled function. Is that the issue?

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

Paschal Donohoe: In the context of the board example used by the Deputy, the role of controlled functions is so broad that it is impossible to see how somebody could be on a board and not be captured by the definitions here. In particular, I refer to the definition of PCF-2, which simply refers to non-executive directors. It is also open to the Central Bank to expand the roles here if it so wishes where 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: In those situations, the other members of the committee would be controlled functions and would be subject to that part of the legislation. My understanding is that risk committees are formed by members of the board so the members of the risk committee, in that case, would be caught inside the net of PCF-2. They would be inside the parameters of PCF-2.