Paschal Donohoe (Fine Gael)

Section 50 reads: "The Bank may issue a code setting out standards of fitness and probity for the purposes of this Part." My point stands. In other legislation regulating an organisation the Minister or the regulator has the ability to define any other post he or she deems fit as falling within the scope of the legislation. For example, if this provision were to cover a person involved in investment banking activity, some of those who discharge these functions do not carry any of the titles concerned; however, they do provide services that affect the health and overall performance of the organisation in question. I hear what the Minister is saying and understand his response, but my response is that section 50 is ambiguous in that it provides that the bank may issue a code setting out standards of fitness and probity.