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Proposed Legislation

Dáil Éireann Debate, Wednesday - 31 March 2021

Wednesday, 31 March 2021

Questions (374)

Pearse Doherty

Question:

374. Deputy Pearse Doherty asked the Minister for Finance when he will publish the Central Bank (amendment) Bill which will introduce the senior executive accountability regime; and if he will make a statement on the matter. [3385/21]

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Written answers

The introduction of SEAR is a commitment of the Programme for Government which seeks to improve the culture of the financial sector and underpin public trust in the financial services sector. It was first proposed by the Central Bank of Ireland in its 2018 report, Behaviour and Culture in the Irish Retail Banks, which was prepared at my request.

This is a complex piece of legislation and officials from my Department have been in detailed discussions with the Central Bank with regard to the proposals as set out in the report since its publication in July 2018.

My officials have also been engaging with the Attorney General's Office to ensure that the proposals for inclusion in the Bill are constitutionally sound and that the correct balance between significant additional powers for the Central Bank and the protection of individuals' constitutional rights is struck. It is important that the proposals to be presented to the Oireachtas for consideration in the legislation are robust, fit for purpose and legally sound.

While the engagement between officials and the Attorney General's Office is an iterative and ongoing process, substantial progress has been made on clarifying the legal and constitutional issues to be considered.

It is my intention that the heads of Bill will be drafted and presented to Government, pending the approval of the Attorney General, prior to the summer recess. Once the Heads have been published, there will be an opportunity for them to be considered as part of the pre-legislative scrutiny process.

The provisions of the Bill will then need to be drafted by the Office of the Parliamentary Counsel with engagement from the Department and the Central Bank, and approved by Government. Ultimately the timing of the passage of the Bill will be a matter for the Oireachtas.

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