Dáil Éireann Debate, Thursday - 24 October 2019
58. Deputy Michael McGrath asked the Minister for Finance the scope of the Central Bank (Amendment) Bill; if it will incorporate non-bank financial service providers; if it will incorporate credit union managers and boards; and if he will make a statement on the matter. [43857/19]
View answerThe purpose of the Central Bank (Amendment) Bill is to increase individual accountability in the financial sector. The proposed legislation will drive positive changes in terms of wider banking culture, greater delegation of responsibilities, and enhanced accountability while simplifying the taking of sanctions against individuals who fail in their financial sector roles.
My officials have done extensive preparatory work on this legislation, in consultation with the Central Bank and the Office of the Attorney General, and this work is ongoing. There remain a number of outstanding policy decisions to be taken, including in relation to the precise scope of the Senior Executive Accountability Regime (SEAR) and the Conduct Standards. The SEAR will ensure that senior executives are held responsible for their actions and/or inactions. The Conduct Standards will set out the standards of honesty, competence, and professionalism expected in the financial services industry in Ireland.
The legal considerations of the Central Bank (Amendment) Bill are complex and touch on individuals' constitutional rights, including the right to an adequate means of a livelihood. I can assure the Deputy that I will be giving careful consideration to the outstanding policy decisions, which will be reflected in the Heads of Bill which are in preparation.
