Oireachtas Joint and Select Committees

Wednesday, 3 November 2021

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach

General Scheme of the Central Bank (Individual Accountability Framework) Bill 2021: Central Bank

Photo of Pearse DohertyPearse Doherty (Donegal, Sinn Fein) | Oireachtas source

That is clear in the legislation and is not my question. Each of these regulated financial institutions will have to map out the structures and roles each individual has. This person would have that area of management. He or she has taken all reasonable steps and therefore absolves himself or herself from action by the Central Bank, but by reporting the issue further up the line to the CEO, if the CEO is not mapped to have those responsibilities, can this now capture them? The person at a lower level has taken the necessary steps. How will we ensure the more senior managers up the line are also mapped as having responsibility in this area, even though it is delegated to somebody below them?

How are we going to ensure that the more senior managers up the line are also mapped here, as this is an area of their responsibility, even though it is delegated to somebody below them?

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