Dáil Éireann Debate, Thursday - 24 October 2019
57. Deputy Michael McGrath asked the Minister for Finance the status of the Central Bank (Amendment) Bill; when he expects the heads of Bill to be completed; when pre-legislative scrutiny will take place on the Bill; when he expects the Bill to be published; and if he will make a statement on the matter. [43856/19]
Amharc ar fhreagraAs I have stated recently in this House, the need to rebuild trust in the Banking sector is a priority for this Government. The Central Bank (Amendment) Bill will increase individual accountability in the financial sector. The proposed legislation will drive positive changes in terms of wider banking culture and enhanced accountability, while simplifying the taking of sanctions against individuals who fail in their financial sector roles.
The Bill will primarily address the recommendations put forward by the Central Bank of Ireland in relation to individual accountability in its Section 6A Report on the Behaviour and Culture of the Irish Retail Banks.
As the Deputy will be aware I received the agreement of my Government colleagues on 18th June last to begin the process of drafting heads of this Bill. This follows extensive preparatory work by my officials, in consultation with the Central Bank, which has continued in recent months. This included consideration of the lessons to be learned from the UK’s Senior Managers Regime and Conduct Standards, given the close relationship between the two financial sectors and the similar common law legal system.
The legal considerations of the Bill are complex as the issues it addresses go to the core of individuals' rights to an adequate means of a livelihood, and the Bill's provisions are required to be constitutionally sound in the event of legal challenge. Officials from my Department have engaged with the Attorney General's Office for guidance on the approach to be taken. The Department and the Central Bank have been engaging on an ongoing basis in order to progress the policy matters to put forward sound principles in order to achieve the positive aims of the legislation.
It is my intention to bring forward draft heads of Bill to Government for approval later this year and to then progress the Bill for debate in the Houses including pre-legislative scrutiny. However, this timetable remains very much subject to Brexit developments and other competing legislative priorities.
