212 Deputy Joan Collins asked the Minister for Finance with regard to the general question of bank regulation, the person responsible for ensuring compliance with statutory and code-of-practice regulation of banks and other financial institutions generally in the State; if the Governor of the Central Bank and Financial Regulator have written contracts of employment with clear performance related conditions; in the context of the performance of the duties of the Governor of the Central Bank and the Financial Regulator, is a code of practice, or code of conduct, an integral element of their employment contracts and conditions; if the immediately-preceding Financial Regulators and Governors of the Central Bank of Ireland had written contracts of employment; in view of the collapse of the banking system and the consequent bailout, and the prior assurances given by the then Financial Regulator and Central Bank Governor to the contrary, if the performance of these two most recent holders of the offices of Governor of the Central Bank and Financial Regulator raised the question that the persons involved failed to honour those contracts; if directors of financial institutions, including banks, subject to compliance with the same legal obligations as directors of non-banking companies, including the legal strictures relating to reckless trading and personal liability; and the significance, if any, of the recent amendment to advertising code practice that states that regulation is now implemented by the Central Bank of Ireland as opposed to the Financial Regulator, which assertion was in place until recently. [19117/12]

Summary

212 Deputy Joan Collins asked the Minister for Finance with regard to the general question of bank regulation, the person responsible for ensuring compliance with statutory and code-of-practice regulation of banks and other financial institutions generally in the State; if the Governor of the Central Bank and Financial Regulator have written contracts of employment with clear performance related conditions; in the context of the performance of the duties of the Governor of the Central Bank and the Financial Regulator, is a code of practice, or code of conduct, an integral element of their employment contracts and conditions; if the immediately-preceding Financial Regulators and Governors of the Central Bank of Ireland had written contracts of employment; in view of the collapse of the banking system and the consequent bailout, and the prior assurances given by the then Financial Regulator and Central Bank Governor to the contrary, if the performance of these two most recent holders of the offices of Governor of the Central Bank and Financial Regulator raised the question that the persons involved failed to honour those contracts; if directors of financial institutions, including banks, subject to compliance with the same legal obligations as directors of non-banking companies, including the legal strictures relating to reckless trading and personal liability; and the significance, if any, of the recent amendment to advertising code practice that states that regulation is now implemented by the Central Bank of Ireland as opposed to the Financial Regulator, which assertion was in place until recently. [19117/12]

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• Financial Services Regulation

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