Pearse Doherty (Donegal, Sinn Fein) | Oireachtas source

The explanatory note of Head 11 states:

This head provides for the amendment of section 25 of the 2010 Act to ensure that the Central Bank can investigate individuals who the Bank suspects pose a danger to consumers or the financial system, irrespective of whether they continue to perform a CF role at the time when an investigation is being commenced.

The problem is that the explanatory note states clearly that even with this new legislation, the Central Bank will have no reach in cases such as those concerning, for example, Michael Fingleton or another banker who retires and is no longer in the financial services sector, because they no longer pose a danger to consumers or the financial system. That is a concern I have in relation to what has been drafted.