Results 5,681-5,700 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: Variable pay.

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

Pearse Doherty: It is variable pay.

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

Pearse Doherty: Read the bit about the cap. That is the point I put to the Minister.

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

Pearse Doherty: There is no reason to lift to cap.

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 Minister cares. He cares about the bankers.

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 Minister showed us yesterday where his priorities are.

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 clarify that "relevant obligations" in the Chapter will mean "all designated enactments and all designated statutory instruments that apply to it ... all codes ... and notices issued by the Bank that apply to it, and ... all other enactments and statutory instruments with which it must comply".

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. Does that include future enactments, statutory instruments, guidelines, and notices for the banks? They are referenced in the past tense. I just wanted to make that clear.

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 amendments are fine. There is no substance in them. I know the original draft had a similar type of wording, but this just clarifies the ECB’s competence in relation to significant regulated firms. To clarify, when we are talking about how it is not the Central Bank that has the function or authority to approve the pre-approval controlled functions in these firms, the firms we...

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

Pearse Doherty: Only two of them.

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 is fair enough. The main ones, from our point of view, are AIB and Bank of Ireland. On the legislation and given the SSM framework regulation, is that the only issue? Let us ignore the international banks for a second and look at AIB and Bank of Ireland. Given that they fall under the authority of the ECB as opposed to the Central Bank, is this section the only area that diverges...

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

Pearse Doherty: Okay.

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 Minister might talk to us about the significance of the period of six years. This is a section that I welcome, where an individual can be looked at even if they are no longer with the firm. Will the Minister talk to us about the significance of the six-year period and why six years was chosen?

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

Pearse Doherty: Does it need to be six years? Regarding the Statute of Limitations, we might say we are always kind of looking for something to guide us in relation to this. My concern is that if we take, for example, the tracker mortgage scandal that we just spoke about, not to open it up again, but it was not the Central Bank that identified this, rather it was ordinary individuals who identified it and...

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 am looking for clarity on one piece but want to elaborate on this point. If you take AIB for example, it was only found to have regulatory breaches this year for issues that took place a decade before that, though they continued right up until March. Therefore, if people had left their position, they would not be captured in that and for many of us, that is the test. We ask ourselves if...

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. That was my interpretation of it. To tease that, if the head of risk in bank X which had the breach, moved to bank Y, and has a controlled function in a different financial institution, my reading of this is they would still be able to be prosecuted.

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

Pearse Doherty: What reach does this have? I know all legislation has international reach but given that people in financial institutions are mobile and international banks exist and so on and so forth, even if they are not resident here, the Central Bank has the powers to prosecute them for any of these breaches. Does it have all the powers in terms of sanctions and all the rest and does that apply 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: Sorry, I am trying to follow this. I wanted to raise with the Minister an issue with section 15, which I missed, because we cannot table Report Stage amendments if we do not discuss them on this Stage. The issue is that an investigation can be discontinued for reason of resources. I genuinely do not believe that the Central Bank should discontinue any investigation into the fitness and...