Pearse Doherty (Donegal, Sinn Fein) | Oireachtas source

I agree with the Minister on that. I have been calling for this legislation for nearly five years. I am glad to see it before us. It is very important that we do not allow any cracks. There are some points we cannot legislate for. We are providing a lot of powers to the Central Bank, and much of this will be determined by the mapping process in regard to the responsibility for all of those pre-approval functions and ensuring that the CEO and those at board level and executive level also have those responsibilities and therefore would be captured for any breaches in regard to issues that happen lower down the ladder. It will really be up to the Central Bank to ensure that when these functions are outlined, that they are not designed in a way that would avoid capturing those at more senior levels.

This brings me to another point in respect of section 6. Training must be provided to all of those with pre-approval controlled functions. We are talking about a significant number of people across financial institutions. Has the Central Bank looked at how that training is going to be provided? The one thing we do not want is that someone who was supposed to be given training says it was not given and therefore he or she cannot be held accountable. When will the training be provided and what form will it take?