Brian Hayes (Dublin South West, Fine Gael) | Oireachtas source

Amendment No. 54 is being made to include the appointment of the risk management officer and compliance officer as one of the functions of the board. While the current wording provides these appointments as functions of the manager, such appointments are, however, more appropriate to the board itself. The deletions of subsections (4) and (5) are consequential to this amendment, as these matters now will be provided for in the new section 55(1)(e). Amendment No. 55 already has been dealt with under amendment No. 36 in section 15, as was amendment No. 56. This latter amendment deletes the famous new section 55(1)(p), as it refers to requirements set out in subsections (12) and (13) of section 53. As these subsections are being deleted, section 55(1)(p) is invalid. I believe I already have made this point the House. Amendments Nos. 60 to 64, inclusive, 66, 67, 70 to 75, inclusive, 87, 89, 91 and 92 are consequential amendments that arise out of the changes being made to the functions of the board of directors by amendment No. 54.