Tony Killeen (Clare, Fianna Fail)

This is an element that has been debated previously. It is my understanding that the section prohibits regulated financial service providers from permitting a person to perform a controlled function, unless a financial service provider is satisfied that the person concerned complies with any published standards of fitness and probity and has agreed to abide by such standards. The Central Bank can publish a code of standards of fitness and probity with the powers given to it in section 50. The section also provides that the bank can take into account published standards when performing its functions and exercising its powers.

The list of offices for which the section provides is more indicative than exhaustive. It provides for a situation where someone is performing these roles perhaps under another title. It seems the concern of the Senator in that regard is covered by the prohibition provided for in the section dealing with the controlled functions to be performed by a person.