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Banking Sector

Dáil Éireann Debate, Thursday - 4 February 2021

Thursday, 4 February 2021

Questions (42)

Gerald Nash

Question:

42. Deputy Ged Nash asked the Minister for Finance if he will provide a progress report on work currently underway between his Department and the Central Bank to progress the individual accountability framework which seeks among other things to enhance the accountability of senior persons in banks; and if he will make a statement on the matter. [6069/21]

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Written answers (Question to Finance)

As the Deputy will be aware, the Programme for Government includes a commitment 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.

My officials 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 is struck between appropriate additional powers for the Central Bank and the protection of individuals' constitutional rights.

My officials continue to consult regularly with the Central Bank throughout this process. 

It is my intention that draft heads of Bill will be presented to Government for approval in the near future.

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