Results 5,661-5,680 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 (30 Nov 2022)
Pearse Doherty: Yes, exactly. They are broader. When we start to define this, we start to allow people to slip outside the net. Let us take somebody who is head of risk in a bank and who has not carried out his or her duties as would be expected under the legislation and according to the Central Bank. That individual would be in breach and, as a result of the enactment of this legislation, would be...
- Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank (Individual Accountability Framework) Bill 2022: Committee Stage (30 Nov 2022)
Pearse Doherty: I agree with the Minister on that. I have been calling for this legislation for nearly five years. I am glad to see it before us. It is very important that we do not allow any cracks. There are some points we cannot legislate for. We are providing a lot of powers to the Central Bank, and much of this will be determined by the mapping process in regard to the responsibility for all of...
- Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank (Individual Accountability Framework) Bill 2022: Committee Stage (30 Nov 2022)
Pearse Doherty: I appreciate that and am aware that the regulated financial institutions have the responsibility under this law to provide the training but the Central Bank has the responsibility to provide the guidelines upon which the institutions will have to rely. We do not have the guidelines as yet and while there may be training going on, this is going to be hard to implement. The Minister has...
- Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank (Individual Accountability Framework) Bill 2022: Committee Stage (30 Nov 2022)
Pearse Doherty: That will probably be the latter end of next year. The guidelines will be published in Iris Oifigiúiland will be available for all to see but will they be published before the end 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)
Pearse Doherty: My last question-----
- Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank (Individual Accountability Framework) Bill 2022: Committee Stage (30 Nov 2022)
Pearse Doherty: Yes, they are to be published on the website anyway and in Iris Oifigiúil.
- Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank (Individual Accountability Framework) Bill 2022: Committee Stage (30 Nov 2022)
Pearse Doherty: I appreciate that. Given the Minister's spirit, maybe he will also share the Korn Ferry report on banker remuneration commissioned in 2019 which was never published.
- Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank (Individual Accountability Framework) Bill 2022: Committee Stage (30 Nov 2022)
Pearse Doherty: I really do not think that is acceptable. When this committee asks for a report on banker's pay that was prepared three years ago using taxpayer's money, there is not much for the Minister to consider, in fairness. He should just agree to give the committee the report.
- Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank (Individual Accountability Framework) Bill 2022: Committee Stage (30 Nov 2022)
Pearse Doherty: The reason I ask is that the Minister has made the point on the Dáil record time and time again that bank remuneration should be linked to accountability in terms of the behaviour of banks, a point with which I agree. A report was done and I presume there is some type of evidence on pay and remuneration. The retail report that was published yesterday contains no evidence whatsoever to...
- Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank (Individual Accountability Framework) Bill 2022: Committee Stage (30 Nov 2022)
Pearse Doherty: We are also looking for the remuneration covenants that the Minister has with each of the individual banks.
- Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank (Individual Accountability Framework) Bill 2022: Committee Stage (30 Nov 2022)
Pearse Doherty: I will now return to the issues relating to section 6. Section 53I deals with the limitation of requirements to produce documents, give information or answer questions. I understand and accept the first three provisions, (a), (b) and (c) under this section, namely that one cannot ask for documents or information or pose a question that the courts would not have the power to elicit from the...
- Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank (Individual Accountability Framework) Bill 2022: Committee Stage (30 Nov 2022)
Pearse Doherty: Can I just make one point? I would understand that if it related to criminal proceedings but this is about incriminating a person in relation to anything. This is not linked to a crime. There is no requirement to produce documents, give information or answer questions that "might tend to incriminate the person", not in relation to a criminal act but in relation to a person's failure to...
- Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank (Individual Accountability Framework) Bill 2022: Committee Stage (30 Nov 2022)
Pearse Doherty: I refer to the common conduct standards under the new section 53E, and the additional conduct standards, under 53F. As part of the additional conduct standards, I ask the Minister to explain the following: The standards referred to in section 53C(2), in the case of a person who performs a pre-approval controlled function [that is easy to understand] in relation to a regulated financial...
- Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank (Individual Accountability Framework) Bill 2022: Committee Stage (30 Nov 2022)
Pearse Doherty: The responsibility under section 53F(c) is that the appointment would have the delegated task reassigned to an appropriate person with effective oversight. If we look at our history in terms of the banking crash, we had situations in the past where the head of risk basically went crazy in Anglo Irish Bank - to tell the God's honest truth - and allowed the type of lending that happened. The...
- Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank (Individual Accountability Framework) Bill 2022: Committee Stage (30 Nov 2022)
Pearse Doherty: The committee agreed earlier to request it from the Minister. We could submit a freedom of information, FOI, request now that matters have been agreed at Cabinet level but I would urge the Minister to ask his officials to send it to the committee this evening.
- Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank (Individual Accountability Framework) Bill 2022: Committee Stage (30 Nov 2022)
Pearse Doherty: I want to get into the detail of this legislation because we do not have much time. The Minister addressed this to another Deputy, however. People are shocked that the Minister's parting gift as he leaves the office of Minister for Finance is a bonus for bankers and unlimited pay for senior executives in Bank of Ireland with an indication that the same will apply to AIB and Permanent TSB in...
- Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank (Individual Accountability Framework) Bill 2022: Committee Stage (30 Nov 2022)
Pearse Doherty: Is that the cap? The taxpayer will pay-----