Results 4,661-4,680 of 33,883 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: That are in effect.

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. It would include them.

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. 1: In page 24, line 11, to delete “subsections” and substitute “subsection”. These amendments propose to amend section 13. They all relate to the European Central Bank, ECB, competence in approving persons to pre-approval controlled function roles in significant entities. Section 13 amends section 23A of the Central Bank Reform Act 2010,...

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: Excuse me. I apologise. My answer to the Deputy’s question has just been framed by the debate we have been having on another matter. It is AIB and Bank of Ireland, but there is a larger group of banks that is under direct provision of the ECB. It includes AIB and Bank of Ireland, as I said, but it also references a large number of international banks that are present in Ireland. I...

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: 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: I move amendment No. 2: In page 24, to delete lines 18 and 19 and substitute the following: “(b) make any other appointment the approval of which is subject to the exclusive competence of the ECB under Article 4(1)(e) of the SSM Regulation,”.

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. 3: In page 24, to delete lines 20 and 21 and substitute the following: “unless the entity has been notified in writing by the ECB that it has approved the appointment.”,”.

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. 4: In page 24, to delete lines 22 to 27.

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. 5: In page 24, in line 30, to delete “body”.” and substitute the following: “body”, and (c) by the deletion of subsection (7).”.

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 amends section 25 of the 2010 Act. The six-year period is significant because it refers to the timeframe within which a person can be investigated for their performance of a controlled function preceding the commencement of the investigation itself. In other words, to state it more plainly, the lookback period for the breach of regulations is six years. The reason we picked...

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 listened to what the Deputy has said. At the moment, as he knows, this provision is not in place at all. When I was explaining how this would work to him and to the committee, I was not clear enough because the six-year period refers to the period of time after which an individual has resigned from the particular controlled function role. In my earlier explanation to the Deputy, I...

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 any performed function. In the scenario the Deputy has identified, if the individual had been in another controlled function and they moved up to a more senior role, or indeed any other role, they are still captured by 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: Yes, that is correct. One of the issues this Bill is trying to address is not just some of the difficulties we have just discussed regarding how long it can take to identify an incident. While that is a key issue, it is also to address the risk that somebody might decide to resign and by resigning from a controlled function, they would then argue they are not subject to the scope 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: We will confirm this before Report Stage, but my view is regardless of where they are resident, they still have to be subject to this law. If they leave the country, then they are still subject to the remit of this law if, obviously, the regulatory breach was committed in this jurisdiction in the first place.

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. 6: In page 26, to delete lines 29 to 38, and in page 27, to delete lines 1 and 2 and substitute the following: “(a) by the substitution of the following subsections for subsection (1): “(1) The Head of Financial Regulation may issue a notice (in this Part called a ‘suspension notice’) in relation to a person if— (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. 7: In page 27, lines 8 and 9, to delete “details of a notification received under section 43(11A), as the case may be” and substitute “where subsection (1)(b) of this section applies, details of the prohibition”.

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. 8: In page 27, to delete lines 11 to 13 and substitute the following: “(ii) by the substitution of the following paragraph for paragraph (d)— “(d) shall require the suspended person and any regulated financial service provider or holding company on which a copy of the notice is served to show cause, in writing, within 5 days after service of the...