Results 16,641-16,660 of 27,019 for speaker:Michael Noonan

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Central Bank (Supervision and Enforcement) Bill 2011: Committee Stage (24 Apr 2013)

Michael Noonan: I move amendment No. 28: In page 14, before section 20, to insert the following new section:29.—(1) An authorised officer may attend any meeting relating to the business of a regulated financial service provider if the authorised officer considers that it is necessary to attend in order to assist the Bank in the performance of any of its functions under financial services legislation....

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Central Bank (Supervision and Enforcement) Bill 2011: Committee Stage (24 Apr 2013)

Michael Noonan: I move amendment No. 29: In page 14, before section 20, to insert the following new section: “CHAPTER 4 Supplementary30.—(1) The provision to the Bank or an authorised officer of any information, record or other document by a person under this Part shall not be treated, for any purpose, as a breach of any restriction under any enactment or rule of law on provision by the person...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Central Bank (Supervision and Enforcement) Bill 2011: Committee Stage (24 Apr 2013)

Michael Noonan: I move amendment No. 30: In page 14, before section 20, to insert the following new section:31.—(1) If any person to whom this Part applies fails or refuses to comply with a requirement imposed by the Bank or an authorised officer under this Part, the Bank or the authorised officer may certify the failure or refusal to the High Court. (2) When the Bank or an authorised officer...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Central Bank (Supervision and Enforcement) Bill 2011: Committee Stage (24 Apr 2013)

Michael Noonan: I move amendment No. 31: In page 14, before section 20, to insert the following new section:32.—(1) A person commits an offence if he or she—(a) obstructs or impedes the Bank or an authorised officer in the exercise of any powers under this Part, (b) without reasonable excuse, does not comply with a requirement imposed under this Part, (c) in purported compliance with such a...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Central Bank (Supervision and Enforcement) Bill 2011: Committee Stage (24 Apr 2013)

Michael Noonan: I move amendment No. 32: In page 14, before section 20, to insert the following new section:33.—(1) In this section— “the Court” means the High Court; “privileged legal material” means information which, in the opinion of the High Court, a person is entitled to refuse to produce on the grounds of legal professional privilege. (2) If a person refuses...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Central Bank (Supervision and Enforcement) Bill 2011: Committee Stage (24 Apr 2013)

Michael Noonan: I move amendment No. 33: In page 20, before section 32, to insert the following new section: “PART 4 AUDITOR ASSURANCE32.—The Central Bank Act 1997 is amended by inserting the following new section after section 27B:27BA.—(1) Where the Bank considers it necessary owing to the nature, scale or complexity of the activities of a regulated financial service provider, it may,...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Central Bank (Supervision and Enforcement) Bill 2011: Committee Stage (24 Apr 2013)

Michael Noonan: I move amendment No. 34: In page 20, before section 32, to insert the following new section:33.—Section 27G of the Central Bank Act 1997 is amended—(a) in subsection (1) by inserting “27BA(4) or (5),” after “section 27B(2),”, and (b) in subsection (3) by inserting “27BA,” after “section 27B,”.”.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Central Bank (Supervision and Enforcement) Bill 2011: Committee Stage (24 Apr 2013)

Michael Noonan: I move amendment No. 35: In page 20, subsection (1), between lines 20 and 21, to insert the following:“ “contract of employment” means a contract of employment or of service or of apprenticeship, whether the contract is express or implied and, if express, whether it is oral or in writing;”. These amendments relate to the provisions on what constitutes penalisation...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Central Bank (Supervision and Enforcement) Bill 2011: Committee Stage (24 Apr 2013)

Michael Noonan: I move amendment No. 36: In page 20, subsection (1), to delete lines 21 to 30.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Central Bank (Supervision and Enforcement) Bill 2011: Committee Stage (24 Apr 2013)

Michael Noonan: I move amendment No. 37: In page 21, subsection (1), between lines 4 and 5, to insert the following:“(b) the threat of suspension, lay-off or dismissal,”.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Central Bank (Supervision and Enforcement) Bill 2011: Committee Stage (24 Apr 2013)

Michael Noonan: I move amendment No. 38: In page 21, subsection (1), line 14, before “reprisal” to insert “threats of”.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Central Bank (Supervision and Enforcement) Bill 2011: Committee Stage (24 Apr 2013)

Michael Noonan: I can appreciate the concern expressed by Deputy Michael McGrath in raising this amendment. It is important that where key information comes to the attention of the Central Bank it is taken seriously and acted upon. There are examples in the past where whistleblowers have made reports to the Central Bank in good faith and in the public interest without any further action from the Central...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Central Bank (Supervision and Enforcement) Bill 2011: Committee Stage (24 Apr 2013)

Michael Noonan: There are various ways of looking at this but we want to maintain the relationship between reviewer and reviewed in the first instance. We drew on the experience in the UK, which has had legislation along these lines for approximately ten years. This approach seems to work well in practice. I am sure the Deputy's observation is correct. In terms of regulation, the officer appointed by the...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Central Bank (Supervision and Enforcement) Bill 2011: Committee Stage (24 Apr 2013)

Michael Noonan: I move amendment No. 16: In page 13, before section 16, to insert the following new section:16. - A reviewer shall, where requested by the Bank, in such form and within such period as the Bank may specify, provide an explanation of all or any part of a report under this Part or the recommendations, if any, made in the report, or of such other matters relating to the report as the Bank...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Central Bank (Supervision and Enforcement) Bill 2011: Committee Stage (24 Apr 2013)

Michael Noonan: I understand there is a generic offence if the reviewer was to provide false information to the bank. That is covered in the contract between the reviewed and the reviewer. The offence to which the Deputy drew our attention is contained as a generic provision in the contract between the two parties but it is not set out in a specific section.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Central Bank (Supervision and Enforcement) Bill 2011: Committee Stage (24 Apr 2013)

Michael Noonan: It would be an offence and it is covered by a generic provision in the contract between the two parties. Amendment No. 31 introduces a generic offence whereby a person commits an offence if he or she: (a) obstructs or impedes the Bank or an authorised officer in the exercise of any powers under this Part, (b) without reasonable excuse, does not comply with a requirement imposed under this...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Central Bank (Supervision and Enforcement) Bill 2011: Committee Stage (24 Apr 2013)

Michael Noonan: It is covered under the provision on supplying information to the bank and it would be an offence under that section if somebody behaved as the Deputy suggested. It is also covered in the contract.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Central Bank (Supervision and Enforcement) Bill 2011: Committee Stage (24 Apr 2013)

Michael Noonan: The penalties would be the standard penalties. They are also the penalties that apply to equivalent offences regarding authorised officers. My understanding is that it is covered in different parts of the legislation.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Central Bank (Supervision and Enforcement) Bill 2011: Committee Stage (24 Apr 2013)

Michael Noonan: I move amendment No. 17: In page 14, subsection (1), line 9, after “Part” to insert the following:“or by the terms of a contract referred to in section 12(1)”.These are technical amendments regarding the reviewer's contract.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Central Bank (Supervision and Enforcement) Bill 2011: Committee Stage (24 Apr 2013)

Michael Noonan: I move amendment No. 18: In page 14, subsection (1), line 11, after “Part” to insert “or under the terms of such a contract”.