As the Deputy will be aware, I have long been on record as stating that there are cultural failings in the banking sector that must be addressed. I want to acknowledge the Deputy's role in addressing all of this, particularly in relation to the tracker mortgage scandal.
The Deputy pursued the issue forensically at the Oireachtas finance committee.
The Central Bank section 6A report on the culture and behaviour of the main retail banks was drafted by the Central Bank in response to my request last November. Indeed, I just spoke on the report at a conference this morning. I reassure the House that many of the specific issues unearthed by the tracker scandal took place more than a decade ago, although the costs still live with us to this day. The new approach to banking supervision has radically changed through, for example, the Central Bank Reform Act 2010, the Central Bank (Supervision and Enforcement) Act 2013 and the European Single Supervisory Mechanism. The Central Bank is now acknowledged as being one of the most robust and challenging institutions in the world.
My Department's analysis of the culture report found that it was a detailed, qualitative and considered analysis of culture within the banking sector. The Central Bank's proposals on enhancing individual accountability by way of conduct standards for all regulated financial services providers and the individuals working within them, having a senior executive accountability regime and enhancing the current fitness and probity regime are being considered by me in light of my intention to introduce a Central Bank (amendment) Bill in early 2019. There is significant merit in the proposals and I look forward to engaging with the Central Bank and the Oireachtas on how we can implement the principles contained in the report in a way that reflects best practice across the world.