Paschal Donohoe (Dublin Central, Fine Gael) | Oireachtas source

They are laid out in terms of the expectations that are there regarding the roles. The conduct standards, to which the Deputy referred include: the need to act honestly and with integrity; act with due skill; be co-operative with the Central Bank; act in the best interests of customers; and operate in compliance with standards of market conduct. In addition to these requirements, individuals in more senior roles are required to deliver against an additional set of requirements of the Central Bank. They broadly refer to: the conduct of the business for which the individual is responsible; ensuring the business, for which they are responsible, meets the regulatory requirements; how they delegate tasks to people who report to them; and ensuring those delegated are performed effectively.

They have an additional responsibility with regard to any information they may have that the Central Bank would reasonably expect notice or information about. I guess the way to explain it is that we have one set of standards that would be common for everybody, which will be in the legislation and then we will have an additional set of standards for those who are in the more senior roles, that are as I have just described.