Seanad debates

Thursday, 16 December 2010

Credit Institutions (Stabilisation) Bill 2010: Committee and Remaining Stages

 

3:00 pm

Photo of Paschal DonohoePaschal Donohoe (Fine Gael)

Section 22(3) gives the special manager power on a load of detailed activity that could take place in the banks, including actions concerning bank accounts and bank mandates. Section 21 states that a special manager may appoint people to help in the discharge of his or her duties. Would it not be better if the section also referred to people working for the special manager? Otherwise people will need the consent of that one person for decisions on a bank mandate or the claim or debt of an individual depositor with the bank. That appears to overload responsibility and detail on one person. Would it not be better to broaden the definition to allow people working for the special manager to make these decisions?

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