Dáil Éireann Debate, Tuesday - 15 January 2019
202. Deputy Michael McGrath asked the Minister for Finance the steps he plans to take, including timelines, for the implementation of the recommendations and action points set out in the recent Central Bank report on behaviour and culture in the banking sector; and if he will make a statement on the matter. [1014/19]
View answerOfficials from my Department have been in discussion with the Central Bank with regard to the proposals as set out in the report on behaviour and culture in the Irish retail banks since its publication in July 2018.
My officials are preparing a detailed analysis of the proposals, which has been informed by the discussions with the Central Bank and learnings from HM Treasury's experience of the UK Senior Managers' Regime. When I have completed my review, I will give my initial views on the proposals with the intention to proceed and will, if required, engage with the Attorney General's Office for formal legal advice.
As I have previously stated in this House, I intend to seek Cabinet approval to draft the Heads of Bill by the end of Quarter 1 2019. As with any complex piece of legislative drafting, I expect that it will be some months after that before the draft Bill/Scheme goes to Government with its associated Regulatory Impact Analysis.
I would highlight now that it may be necessary to adjust this timeline to accommodate urgent Brexit-related legislation, which, as the Deputy is aware, must take priority.
