Dáil Éireann Debate, Tuesday - 7 July 2020
216. Deputy Ged Nash asked the Minister for Finance the timeline for the introduction of the senior executive accountability regime to deliver heightened accountability with the banking system as outlined in the programme for Government; and if he will make a statement on the matter. [14613/20]
View answerThe Programme for Government has committed to introduce a Senior Executive Accountability Regime (SEAR). SEAR will drive positive changes in terms of culture, greater delegation of responsibilities, and enhanced accountability while simplifying the taking of sanctions against individuals who fail in their financial sector roles.
Officials in my Department are engaging with the Attorney General's Office in advance of submitting draft heads of Bill to Government so as to ensure that the correct balance between additional powers for the Central Bank and the protection of individuals' constitutional rights is struck and that the provisions of the Bill are constitutionally sound in the event of legal challenge.
Subject to potential delays related to Brexit and COVID-19, it is intended that draft heads of Bill will be presented to Government for approval in the coming months.
