Central Bank and Financial Services Authority of Ireland Act 2004

Insertion into Central Bank Act 1942 of new Schedule 8.

23.—The Central Bank Act 1942 is amended by inserting the following Schedule after Schedule 7 (as inserted by section 22 of this Act):

“SCHEDULE 8                         Section 57DD.

Provisions Applying to Both Consultative Panels

Members of Consultative Panel entitled to expense allowances.

1.—A member of a Consultative Panel is entitled to be paid from the funds of the Regulatory Authority such attendance, travelling and subsistence allowances as that Authority determines.

Termination of membership of Consultative Panel.

2.—(1) A person ceases to be a member of a Consultative Panel if the person—

(a) dies, or

(b) completes a term of office and is not reappointed, or

(c) resigns from membership by notice in writing addressed to the Minister, or

(d) is, with the person's consent, nominated as a candidate for election as a member of either House of the Oireachtas, or

(e) is, with the person's consent, nominated as a candidate for election as a member of the European Parliament or to fill a vacancy in the membership of that Parliament, or

(f) is, with the person's consent, nominated as a candidate for election as a member of a local authority, or

(g) is adjudged bankrupt (either in the State or elsewhere) or enters into a composition with the person's creditors, or

(h) becomes physically or mentally incapable of performing the duties of a member, or

(i) is convicted of an offence (either in the State or elsewhere) and sentenced to serve a term of imprisonment for the offence, or

(j) is removed from membership under subparagraph (3).

(2) A member's resignation does not take effect until the end of the meeting of the relevant Consultative Panel next held after the notice of resignation was given to the Minister.

(3) The Minister may, after consulting the Regulatory Authority, remove a person from membership of a Consultative Panel for a specified reason.

(4) If a person is removed from membership of a Consultative Panel, the Minister is required to give the person a statement in writing specifying the reason.

Meetings of Consultative Panels.

3.—A Consultative Panel may determine its own procedure for convening meetings of the Panel and for the conduct of business at those meetings. The Panel may determine that procedure by means of rules or standing orders or by any other means.”.