Dáil Éireann Debate, Thursday - 25 April 2013
72. Deputy Michael McGrath asked the Minister for Finance his views on whether the rules governing employees who leave the Central Bank to take up employment in financial institutions regulated by the bank are adequate to protect the public interest; and if he will make a statement on the matter. [19695/13]
View answerI am informed that the Central Bank has relevant policies and procedures in place to deal with this potential matter and the Bank believes that its current policies and procedures are appropriate. Specifically, this potential issue is taken into account when drafting new contracts for certain roles or reassigning staff to other duties if a potential for conflict arises.
The Central Bank Code of Ethics requires that in the event of an employee intending to leave the employment of the Central Bank to take up alternative employment, self-employment or business, there is an obligation to provide early notification to line management when a conflict of interest exists, or perceived to exist, between those duties held in the Central Bank and those to be undertaken with the new employer, self-employment or business. In such circumstances, the Central Bank may assign alternative tasks to the individual while their notice period is being served. The notice period may be lengthened in excess of the contractual or statutory notice period, by mutual agreement, where it is considered to be in the best interests of the Central Bank and the employee.
