Dáil Éireann Debate, Wednesday - 18 May 2011
92 Deputy James Bannon asked the Minister for Finance the action being taken by him to enact legislation that will make bankers accountable for their actions over the past number of years; and if he will make a statement on the matter. [12038/11]
View answerThe day-to-day regulation of banks and other financial service providers is primarily a matter for the Central Bank of Ireland (the Bank). The Bank has a range of enforcement tools available to it to ensure the regulation of the Financial Services industry up to and including the bringing of summary prosecutions. Other agencies such as An Garda Síochána, the Office of the Director of Corporate Enforcement and the Director of Public Prosecutions have their own role to play in effective regulation.
The Central Bank Reform Act 2010 provides for a fitness and probity regime for all persons working in senior or sensitive positions in the regulated financial services sector. The Bank is in the process of implementing that regime.
The Central Bank (Supervision and Enforcement) Bill 2011 will be published by the end of July and I expect that it will provide for the further enhancement of the supervisory and enforcement powers of the Bank.
