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
Pearse Doherty (Donegal, Sinn Fein) | Oireachtas source
I will run out of time, but what is envisaged in this scheme is that we can fine individuals who held those roles, so it is not just about whether they are fit to carry out a function again in the future. Many of them cut and run; they sell up the company. We have seen it with the Davy Group, and so on. We need to have reach in a situation where somebody has been caught red handed, leaves, and is no longer in that role. We must have the power to individually hold them accountable, whether it is through the imposition of a fine or taking legal sanctions against them which could end up in imprisonment or whatever. I know that we are not talking about imprisonment here; we are talking about administrative sanctions and the ability to impose fines on individuals, in particular.
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