Results 3,941-3,960 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: In any event, when this legislation is being implemented, if the Central Bank is of the view that we have missed a particular role within the financial services sector, the list can be expanded. That would require regulation rather than primary legislation. That could happen but our view is that this list is really broad.

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 which case, he or she would be performing in a controlled function role. The definition that would be relevant to the company secretary is the definition of controlled function No.1, which is the ability to exercise a significant influence on the conduct of the affairs of a 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: In this situation, they are subject to the additional conduct standards that we discussed earlier.

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 will come back to the Deputy on that matter. I understand the point he is making.

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. However I would make the point again, which the Deputy has acknowledged, that we have the ability to expand the list via regulation. I will look at the particular issue the Deputy raised where someone on a board might not be a non-executive director. That is a good issue of consistency which I will look at.

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 intention of this section is to extend each pillar of the fitness and probity regime to holding companies in banking, insurance and the investment-firm sector and to individuals performing controlled functions in relation to those holding companies. This will introduce a uniform approach to fitness and probity across all regulated financial service providers and holding companies in...

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. 17: In page 43, to delete lines 40 and 41, and in page 44, to delete lines 1 to 3 and substitute the following: “(b) any relevant information or evidence gathered or received in the course of the investigation, and”.

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. 18: In page 45, to delete lines 5 to 9 and substitute the following: “(7) A person who receives a copy of a final report or any submissions under subsection (5) shall not, subject to section 33AK, disclose the existence of or the content of the report or the submissions unless authorised to do so by the Bank in writing or required to do so by...

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. Such people must keep it confidential.

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: 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: The answer is "No" to that. He or she has to bring it to his or her legal representative because it could be market-sensitive information.

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. They have to have a legal representative. To be more precise, it prohibits them from sharing information that the bank deems to be confidential with anyone other than their legal representative. In the scenario the Deputy mentioned, it would prohibit them from sharing that information with a trade union representative. It might be sections of the report. It is the sections of 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: That is what we are doing here. I do not perceive this to be an employment law matter. This is a financial regulation issue. We are talking about fitness and probity first and foremost, in accordance with financial regulations. What we are referring to here only is those things that the Central Bank deems to be confidential. In the areas which it does not deem to be confidential, I am...

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

Paschal Donohoe: Okay. I hear the Deputy's view and I think we have a difference of view on the matter.

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. 19: In page 45, between lines 9 and 10, to insert the following: (8) Nothing in subsection (7) prevents a person from disclosing the existence of or the content of a report or submissions to his or her legal representative.”.

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. 20: In page 45, line 10, to delete “(8) A person” and substitute “(9) A person”.

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. 21: In page 45, line 12, to delete “both.”.” and substitute “both.”.

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. 22: In page 45, between lines 12 and 13, to insert the following: “Confidential information provided for purposes of investigation etc. not to be disclosed 33ANL. (1) Where confidential information is provided to a person for the purposes of an investigation, or under or for the purposes of subsections (1) to (3) of section 33ANK, that person shall not,...

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 available at any point. I was hoping to complete the legislative process before the recess. We have to give the legislation the time it needs, however. We will find a suitable slot. I have made myself available at any time the committee is available.