Pearse Doherty (Donegal, Sinn Fein) | Oireachtas source

I have a query that might relate to other sections too but it can be addressed in the context of section 44, which provides that the Central Bank "may hold inquiry into suspected commission of or participation in prescribed contravention". As I said during our consideration of the Bill last week, obviously I support the legislation. I have sought individual accountability for many years, so I am glad that the Bill is before us. We need to make sure we try to look around as many corners as possible to ensure that it is sufficiently robust for any potential contravention that could happen in the future and that individuals are held accountable.

As we look at the Bill section by section, including section 44, we find that it talks about a person who is committing or has committed a contravention but what about the person who is planning to commit a contravention? There could be a case where we are coming in where the damage is done. In some cases, the damage to customers or the financial services may not be substantial and the contraventions are of a more minor nature. Unfortunately, in financial services and domestic banking we have seen contraventions of significance to both the financial system and the customers. Some were discussed and planned. In that case, I am not sure that this legislation would capture an individual. As a hypothetical example, someone might go to the Central Bank and say that a certain person who is in a controlled function has been discussing the idea of A, B, C or D with his colleagues. They could be planning to carry out that idea or there could be an email to that effect. In some of the banks and dealing rooms, there are recordings. There could be telephone conversations. Would somebody planning a contravention be subject to this legislation? It seems that the legislation is written in a way that means they have to be committing or have committed a contravention.