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 Marie SherlockMarie Sherlock (Labour) | Oireachtas source

I certainly believe that an element of transparency or at least public access to the details of people in those roles would be an important element in the context of the goal of improving the culture or forcing firms to improve their culture and behaviour.

My next question relates to an issue Mr. Cross touched on in terms of the primary focus - I am paraphrasing him here - being improve the culture across firms. We have seen that from the UK experience. One of the other dimensions of the UK experience, which we are looking at along with the US and other countries, is that there has been only one prosecution since the legislation was brought in there in 2016. To gain an understanding of this, as the regulators who will be enforcing the standards and bringing more contraventions to light by means of this proposed Bill and ensuring that more wrongdoing is exposed, how busy do the witnesses expect to be? It is not just about a general improvement in the culture, rather, that we are actually going to see more prosecutions, if that is the right word, or more enforcement actions being taken. Do the witnesses have an expectations in that regard?

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