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
Ms Seána Cunningham:
The Deputy will appreciate that I do not want to speak about the facts of a particular case. Regarding what the framework does in terms of key enhancements, we have a clear statement on what senior people are responsible for. We have a mapping exercise that allows a key feature of overlaid governance so we can see who is responsible for what, and where. We have the application, for the first time, of conduct standards that are directly applicable to individuals in key positions in financial services, and enforceable. We really believe this enhances the framework we work under. It is informed by the experience we have had over several years in conducting multiple investigations and in the context of the work we have done on supervision and enforcement, whereby we see the potential for better outcomes and, where things go seriously wrong, the potential to have a clear eye to where accountability and responsibility lie in a particular firm. I would come at the question that way.