Written Answers. - Parliamentary Debates - Houses of the Oireachtas

[Deputy Michael Noonan.]
Questions— 14 February 2012. Written Answers
Name of Body Name of appointee Date appointed/ Remuneration Received
reappointed
Fiscal Advisory Council Mr. Sebastian Barnes 7th July 2011 Council members not
(established June 2011)
Professor Alan Barrett
already working in Irish
public sector roles
Dr. Donal Donovan,
receive a stipend of
Professor John McHale
€5,000 per annum.
Dr Roisin O’Sullivan
Council members
employed in the Irish
public sector receive no
payment for their role
on the Council.
*The Directors of the Irish Bank Resolution Corporation were appointed by the board of the bank with my
approval. For the sake of completeness, I have formed a panel of suitably qualified people in 2011 for possible
appointment or nomination to the board of certain banks following a public expressions of interest process.
Recently, Bank of Ireland has appointed Mr Patrick Haren who was included on this panel to their Court (board).
Financial Services Regulation
161. Deputy Finian McGrath asked the Minister for Finance his views on a matter (details
supplied) regarding US advisers. [7832/12]
Minister for Finance (Deputy Michael Noonan): The Central Bank of Ireland has instituted
a new Fitness and Probity Regime which came into effect on 1 December 2011 and will be
fully implemented by 1 December 2012. The Regulations apply to Pre-Approval Controlled
Functions and Controlled Functions. The Regulations apply to financial service providers other
than Credit Unions. The Regulations identify 41 senior positions as Pre-Approval Controlled
Functions such as Chief Executive Officer, Director or Heads of Compliance, Risk, and Internal
Audit. Central Bank approval is required before appointments are made to these positions.
The Regulations also prescribe specific categories as Controlled Functions and persons performing
these functions include the staff that exercise a significant influence on conduct of the
affairs of the financial service provider, monitor compliance or perform functions in a customerfacing
role. The Fitness and Probity Standards are being implemented on a phased basis as
follows:
• From 1 December 2011, apply to persons performing Pre-Approval Controlled
Functions;
• From 1 March 2012, they will apply to persons appointed to Controlled Functions
(other than Pre-Approval Controlled Functions). This is to include new offers of
employment and internal transfers/promotions which may involve a Controlled Function
role after that date;
• They will apply to all persons occupying Controlled Functions as at 1 December 2012.
A full overview of the Fitness and Probity regime can be found on the CBI’s website at the
following link: http://www.centralbank.ie/regulation/processes/fandp/pages/ introductiontofitnessandprobity.aspx
The institution referred to in the Deputy’s question has confirmed that a US headquartered
firm, was engaged by the Chairman of EBS to perform an independent assessment of the EBS
Chief Executive’s fitness and probity. The output report was submitted to the Central Bank of
Ireland on 3 February. The institution has indicated that the decision to take expert advice was
taken in the context of this key position as CEO of the subsidiary and member of the Executive
Committee on the institution.
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