Thursday, 14 November 2019

Ceisteanna (50)

Michael McGrath


50. Deputy Michael McGrath asked the Minister for Finance when he expects to bring forward the central bank (amendment) Bill; when the legislation will be passed; when he expects the new regulations will be put in place; and if he will make a statement on the matter. [47034/19]

Amharc ar fhreagra

Freagraí scríofa (Ceist ar Finance)

My officials are continuing to work on the Central Bank (Amendment) Bill which, among other measures, will increase individual accountability in the financial sector. As I am sure the Deputy will appreciate, this is a complex piece of legislation and the Bill's provisions must be constitutionally sound in the event of legal challenge.

My Department and the Central Bank have been engaging in order to provide for the Individual Accountability Framework on the basis of sound principles so as to drive a better culture in the banking sector, and wider financial sector.  My officials will be engaging further with the Attorney General's Office in advance of submitting draft heads of Bill to Government so as to ensure that the correct balance between additional powers for the Central Bank and the protection of individuals' constitutional rights is struck.

It remains my intention to bring forward draft heads of Bill to Government for approval before the end of the year and then to progress the Bill for debate in the Houses, including pre-legislative scrutiny.  This timetable is subject to other competing legislative priorities, including any Brexit-related matters that may arise.