Wednesday, 10 April 2019

Ceisteanna (60)

Michael McGrath


60. Deputy Michael McGrath asked the Minister for Finance his plans to introduce legislation to bring accountability to the banking industry in line with the recommendations by the Central Bank in section 6A of its report on the culture and behaviour of the main retail banks; and if he will make a statement on the matter. [16913/19]

Amharc ar fhreagra

Freagraí scríofa (Ceist ar Finance)

As the Deputy will be aware, I am on record stating that I am committed to increasing individual accountability in the financial sector. On foot of a request I made to the Governor of the Central Bank for a review of the culture and behaviour within the retail banking sector in Ireland, the Behaviour and Culture of the Irish Retail Banks report was published in July 2018.

Since then, officials from my Department have undertaken a detailed analysis of the proposals, which has been informed by extensive discussions with the Central Bank and learnings from HM Treasury's experience of the UK Senior Managers' Regime as well as other international examples.

The officials are now engaging with the Attorney General's Office to obtain formal legal advice on the proposals.

I had previously stated in this House, that I intended to seek Cabinet approval to draft the Heads of Bill by the end of Quarter 1 2019. 

However, it has been necessary to adjust this timeline in order to accommodate urgent Brexit-related legislation and I expect that it will be some months before the draft Bill/Scheme goes to Government with its associated Regulatory Impact Analysis.