Dáil Éireann Debate, Wednesday - 21 April 2021
472. Deputy Pádraig O'Sullivan asked the Minister for Finance the status of the programme for Government commitment on a senior executive accountability regime to deliver heightened accountability with the banking system; and if he will make a statement on the matter. [18442/21]
View answer480. Deputy Ged Nash asked the Minister for Finance the status of the legislative timeline for the senior executive accountability regime, SEAR, legislation; the details on the precise licensed and regulated sectors within the financial services industry to which the regime will ultimately apply; and if he will make a statement on the matter. [18525/21]
View answerI propose to take Questions Nos. 472 and 480 together.
As the Deputy is 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.
As work on the various aspects of the legislation is advanced, I will consider how the SEAR will be rolled out across the various sectors of the financial services industry. I expect that the most significant financial sectors will be encompassed by the legislation.
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.
