Results 6,501-6,520 of 36,355 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: 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: 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: I ask the Minister to give us an example of a prohibition notice. It is just to prohibit a regulated financial service provider from doing a certain activity-----
- 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. It is, though, a notice to cease undertaking a certain activity, to do a certain activity or to comply with-----
- Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank (Individual Accountability Framework) Bill 2022: Committee Stage (30 Nov 2022)
Pearse Doherty: Regarding the process in this regard, if such a decision is disputed and it is not ex parte, what type of timeframe could we be looking at in this regard? Is there any kind of accelerated mechanism in the context of individuals performing a pre-approved function who have clearly been doing something impacting on customers, financial stability or whatever and are refusing to comply despite a...
- 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: This concerns a prohibition notice having an effect without confirmation. Following on from our last conversation, will the Minister explain the importance of this section and how it will work?
- 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. I thank 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: Can I get an indication of when we will be proceeding to the next business?
- 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: We will try our best. I will tell the Chair one thing, though, I do not wish to be sitting here dealing with the next financial crash and asking why we did not do this Bill correctly. Let us, therefore, at least carry out our functions.
- 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 have been waiting for five years. I am sure if we need another day, the committee will be able to facilitate that speedily. Section 39 relates to something I mentioned earlier. It replaces those in management with persons with a "controlled function". It involves breaking the participation link by replacing the concept of a person concerned with the management of 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: That is just one example. There are others-----
- 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. I refer to somebody like the deputy head of the risk committee, that is, the second in command in terms of risk.
- 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 chair of the risk committee would be captured, for example, but other members of that committee would not be captured. Is that correct?
- 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: I just want to tease this out a bit. I asked a question about expanding the list. Let us take the example of Permanent TSB and look at its structure and board of directors. There is the chairperson who is, as the Minister said, a non-executive director. The CEO will be captured, as will independent non-executive directors, that is, all of the board members. There is also the company...
- 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 a bit looser than other definitions. They are additional responsibilities and I just-----
- 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 subject to those but they would not necessarily be subject to the provisions for those who have a pre-approved controlled function. Company secretaries will not have to provide details to the Central Bank on their areas of responsibility because they are not pre-approved controlled functions under the list from the Central Bank, despite the fact that they sit on the board,...
- 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 know we can amend this list but the point I am making is that as we move from the concept of persons concerned in the management of the financial services provider to the concept of those with controlled functions, we need to be really sure that nobody is avoiding the net. I know there are numerous ways to do it in terms of influence and others are captured but-----