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

The only positive consequence of the amount of effort involved in getting the legislation prepared and how long it has taken is that the training is already being provided in banks and companies involved, in particular legal firms, in implementing this legislation within banks. I am aware of many different seminars that have taken place already on how this will be implemented. This is work that I anticipate will require most of next year to do. Upon the passage of the legislation, the Central Bank will then have to publish detailed guidance on how the legislation will be implemented. I expect that next year we will then see the entities that are subject to this legislation will have to put a lot of focus into making sure there is sufficient awareness in place among staff regarding their heightened legal responsibilities. That said, all we are seeking to do with the legislation is require people who are affected by it to abide by the standards that we already want them to abide by and that, I think, employers would expect them to abide by.

It will be a lot of work but it can and will be done next year. The obligation here in relation to all of this will sit with firms rather than the Central Bank. It will be up to employers to make sure that those who are working for them have access to the training and courses they need. If there is any message to come out of this particular exchange that Deputy Doherty and I are having for those who are looking on, it is that employers and those charged with overseeing the provisions of this legislation within their companies have a solemn duty to make sure that those who are working for them have access across next year to the training needed to make sure this legislation is implemented.