Results 5,561-5,580 of 35,563 for speaker:Pearse Doherty

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank (Individual Accountability Framework) Bill 2022: Committee Stage (Resumed) (7 Dec 2022)

Pearse Doherty: I do not think the first point is valid because it is only concerned with an individual bringing the contravention to the attention of the regulated financial service provider or the Central Bank. I am talking about somebody who has been found out and has not co-operated. In that instance, there would be no reduction in the penalty because there was no degree of co-operation. For somebody...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank (Individual Accountability Framework) Bill 2022: Committee Stage (Resumed) (7 Dec 2022)

Pearse Doherty: I would argue that somebody who is non-co-operative, who does not co-operate with the investigation, is different from somebody who actively frustrates an investigation. There could be instances, for example, and this could be a contravention in itself, where people could do certain things to put documents beyond reach and so on. It is not just about non-co-operation but about actively...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank (Individual Accountability Framework) Bill 2022: Committee Stage (Resumed) (7 Dec 2022)

Pearse Doherty: That would require a whole other process. If somebody was frustrating the process in the middle of an investigation, would that not be a contravention in itself? Would it not then require an examination and a report and, therefore, an inquiry if the person did not consent to the determination? It would be necessary to go through the process in terms of a prescribed contravention.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank (Individual Accountability Framework) Bill 2022: Committee Stage (Resumed) (7 Dec 2022)

Pearse Doherty: I am happy to leave it at that. As I said, in any of these disputed issues in the courts, the legislation is looked on as law, but so are the proceedings in this House. This is why I wanted to tease out this issue and make it very clear that the Central Bank has the power, not just in relation to the degree of co-operation, but also to look at non-co-operation and frustration. I am happy...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank (Individual Accountability Framework) Bill 2022: Committee Stage (Resumed) (7 Dec 2022)

Pearse Doherty: Section 52(a) states: If the Bank suspects on reasonable grounds that— (a) a person is committing or has committed a prescribed contravention, or (b) a person is participating or has participated, while performing a relevant controlled function, in the commission of a prescribed contravention by a regulated financial service provider, it may, except where the person acknowledges...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank (Individual Accountability Framework) Bill 2022: Committee Stage (Resumed) (7 Dec 2022)

Pearse Doherty: So far in the Central Bank.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank (Individual Accountability Framework) Bill 2022: Committee Stage (Resumed) (7 Dec 2022)

Pearse Doherty: Was this even with individuals or are we just talking about institutions?

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank (Individual Accountability Framework) Bill 2022: Committee Stage (Resumed) (7 Dec 2022)

Pearse Doherty: Until now. Therefore, the game may change. There is the issue of an individual thinking that his or her institution is being held accountable but it is a different matter when it comes to him or her personally. While I am not completely opposed to this section, I am concerned about its application. I can imagine there will be situations, and we discussed this last week, whereby the Central...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank (Individual Accountability Framework) Bill 2022: Committee Stage (Resumed) (7 Dec 2022)

Pearse Doherty: I appreciate it.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank (Individual Accountability Framework) Bill 2022: Committee Stage (Resumed) (7 Dec 2022)

Pearse Doherty: I agree.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank (Individual Accountability Framework) Bill 2022: Committee Stage (Resumed) (7 Dec 2022)

Pearse Doherty: I appreciate that.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank (Individual Accountability Framework) Bill 2022: Committee Stage (Resumed) (7 Dec 2022)

Pearse Doherty: May I make an intervention on that? On section 64, my reading of the proposed section 33BC(3A)(c) is that it relates to a situation whereby there has been a contravention and the Central Bank enters into an agreement with the individual. Then, after an examination, the individual would agree that there was a contravention and therefore that provision can apply. However, the section we are...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank (Individual Accountability Framework) Bill 2022: Committee Stage (Resumed) (7 Dec 2022)

Pearse Doherty: We discussed issues relating to section 64 earlier, as well as when the committee was in private session. Where there have been significant contraventions by financial instructions, the Central Bank has published the details of the contravention and of the sanction and has named the institution. This section allows for the same to happen for individuals. This may include the name of the...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank (Individual Accountability Framework) Bill 2022: Committee Stage (Resumed) (7 Dec 2022)

Pearse Doherty: I wish to tease out the process for the appointment of a panel from which inquiry members will be drawn. The Minister is going to be the person who will establish a panel from which appointments will be made by the Central Bank. Subsection (2) states, "The members of a panel established under this section shall be appointed by the Minister following a process conducted by the Bank after...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank (Individual Accountability Framework) Bill 2022: Committee Stage (Resumed) (7 Dec 2022)

Pearse Doherty: That is no problem at all. We will start with the simple ones first. How many individuals is the Minister likely to appoint to the panel? It is to get a sense of how big the panel is likely to be. Will the Minister speak about the requisite qualifications mentioned in subsection (3)? I refer to the skills, experience and knowledge an individual would have to have.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank (Individual Accountability Framework) Bill 2022: Committee Stage (Resumed) (7 Dec 2022)

Pearse Doherty: I thank the Minister for that. There will be a transitional panel. That is fine. Will the old panel be stood down? Will the regulatory panel still exist alongside the new panel?

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank (Individual Accountability Framework) Bill 2022: Committee Stage (Resumed) (7 Dec 2022)

Pearse Doherty: That answers my next question, on the term limits. The transitional panel, which will apply for three years, will provide a continuation of service. Is the panel populated at different stages? Is the Minister taking 24 off and putting 24 on? Is there a process involving different term limits? If all the members are getting an extension of three years, does that not create an issue? Will...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank (Individual Accountability Framework) Bill 2022: Committee Stage (Resumed) (7 Dec 2022)

Pearse Doherty: Yes.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank (Individual Accountability Framework) Bill 2022: Committee Stage (Resumed) (7 Dec 2022)

Pearse Doherty: I appreciate that. The Minister referred to the exact intention behind the questions. Subsection (4) allows the Minister to appoint for a specified period. What is the practice regarding that period? I see there are no limitations on rolling over and reappointing. Is there any other legislation that applies?

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank (Individual Accountability Framework) Bill 2022: Committee Stage (Resumed) (7 Dec 2022)

Pearse Doherty: That would mean all of them would have to be on their first term if the transitional panel is to be appointed for another three years.