Michael Noonan (Limerick City, Fine Gael) | Oireachtas source

I will read into the record the speaking note with which I have been provided, which places the Senator's amendment in context.

The Central Bank (Amendment) Bill was published in direct response to an issue that was raised by the Joint Committee of Inquiry into the Banking Crisis in its relevant proposal and the subsequent recommendations of the Committees on Procedure and Privileges of Dáil and Seanad Éireann. Having taken legal advice, the joint committee sought the amendment of section 33AK for the purposes of the banking inquiry and a terms of reference resolution in this regard, under the Houses of the Oireachtas (Inquiries, Privileges and Procedures) Act 2013, was passed by both Houses. Accordingly, and as specified in the Long Title to the Bill, the gateway being inserted into section 33AK is specific to the joint committee only and is not intended to cover any other committee of inquiry. Furthermore, the capital requirements directive, which authorises the disclosure of certain confidential information to parliamentary inquiry committees, includes specific conditions on the disclosure of such information to the effect that, "(a) the parliamentary enquiry committee must have a ‘precise mandate’ under national law; (b) the information must be ‘strictly necessary’ for fulfilling that mandate; (c) persons with access to the information are subject to professional secrecy requirements under national law at least equivalent to those referred to in [the directive]".

The Committee of Public Accounts is a standing committee of the Dáil and is responsible for examining and reporting on reports of the Comptroller and Auditor General in respect of departmental expenditure and certain other accounts. It also considers the Comptroller and Auditor General's report on his or her examinations of economy, efficiency, effectiveness, evaluation systems, procedures and practices. It should also be noted that the Central Bank of Ireland does not come within the remit of the Committee of Public Accounts in respect of its accounts. The information covered by section 33AK of the Central Bank Act 1942 does not relate to departmental expenditure or accounts which fall within the remit of the Committee of Public Accounts. Instead, it relates to the treatment of confidential information acquired by the Central Bank in the performance of its functions and the requirement to maintain professional secrecy under the Treaty of Rome, the European System of Central Banks statute and the supervisory EU legal Acts.

For the reasons I have outlined, I do not propose to accept the amendment. The net point is that the provision in the Bill must, of necessity, be very narrowly focused and confined to the inquiry. Its terms must not be widened in order that committees such as the Committee of Public Accounts might make use of it.