Central Bank (Supervision and Enforcement) (Amendment) Bill 2016: First Stage

I move:

That leave be granted to introduce a Bill entitled an Act to amend sections 49 and 51 of the Central Bank (Supervision and Enforcement) Act 2013 to ensure the powers exercised by the Central Bank of Ireland to make regulations, conferred by the Central Bank (Supervision and Enforcement) Act 2013 are fit for purpose; and to provide for related matters.

Is the Bill opposed?

Question put and agreed to.

Since this is a Private Members' Bill, Second Stage must, under Standing Orders, be taken in Private Members' time. I ask the Deputy to move and, if he wishes, to give a brief outline of his Bill.

I move: "That the Bill be taken in Private Members' time."

The purpose of the Bill is to ensure that a better balance is struck between maintaining banking independence while ensuring regular and important input from elected legislators in the Oireachtas and in the relevant committees. This will ensure policy-makers set forth proposals which will be both useful to, and used by, the Central Bank while also ensuring that the Central Bank is fully apprised of the impact of any changes which it proposes on the citizenry.

I look forward to working with all Members to improve this Bill at a later stage. Amendments I have heard of to date include more extensive Oireachtas committee involvement than what I have envisaged in what I have put forward. The ultimate intention of this Bill is to ensure that solutions put forward are useful to the Central Bank and will be used by the Central Bank while also protecting its independence and ensuring the Oireachtas can engage more fruitfully with it and vice versa.

Question put and agreed to.