Pearse Doherty (Donegal, Sinn Fein)
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139. To ask the Minister for Finance the rules or conventions in place regarding cooling off periods for Central Bank employees taking up positions in the private sector; and if he will make a statement on the matter. [8074/18]

Paschal Donohoe (Dublin Central, Fine Gael)
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I am informed by the Central Bank that its ‘code of ethics’ defines the standards of ethical conduct the Central Bank upholds for its staff and that the Bank at all times, aims to safeguard its impartiality by actively avoiding conflicts of interest.

Under the Code of Ethics, members of staff who are intending to leave the Central Bank to take up alternative employment, self-employment or business are required to provide notification to line management and the human resources division when a conflict of interest arises, or might be perceived to exist, between those duties held in the Central Bank and those to be undertaken within the new employment arrangement.

Line management and HR will make an assessment based on the notification. In such circumstances, the Central Bank may assign alternative tasks to the individual while their notice period is being served so that a suitable “cooling off” period is created.  In some very limited circumstances the cooling off period may involve the staff member being placed on garden leave. 

The cooling off period may be lengthened in excess of the contractual or statutory notice period, by mutual agreement.

Further information on the code of ethics can be found here:

In addition, members of the senior executive team who sit on the Governing Council or Supervisory Board must also comply with specific ECB regulations regarding post-employment activities.

Further information on the specific ECB regulations can be found here:

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The Central Bank Commission has adopted a code of conduct and ethics.  Under Section 10 of the code it is stated that members should give due consideration before taking up any position or role as to whether it might give rise to a conflict of interest in respect of their membership of the Commission. The secretary should be consulted if a serving member wishes to take up a role which may give rise to such a conflict of interest, or impact on the reputation of the Central Bank. The code of conduct and ethics also requires former members to give consideration before taking up any position or role as to whether a sufficient amount of time has elapsed as to remove any perception of a conflict of interest, or impact on the reputation of the Central Bank.

Further information on the code of conduct and ethics can be found here:

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