Oireachtas Joint and Select Committees

Wednesday, 7 December 2022

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach

Central Bank (Individual Accountability Framework) Bill 2022: Committee Stage (Resumed)

Photo of Pearse DohertyPearse Doherty (Donegal, Sinn Fein) | Oireachtas source

We discussed issues relating to section 64 earlier, as well as when the committee was in private session. Where there have been significant contraventions by financial instructions, the Central Bank has published the details of the contravention and of the sanction and has named the institution. This section allows for the same to happen for individuals. This may include the name of the person involved and the details of the contravention and of the sanction imposed on the individual. I welcome that this Bill enables that. I would like to ascertain the likelihood of this actually happening. What is the Central Bank’s intention in relation to publishing the names of individuals and the details of the contraventions and of the level of sanctions applied to those individuals? Does the Central Bank expect to continue in the same way as it did with financial institutions? Obviously, not every contravention by the institutions is published by the Central Bank. I would like to get an understanding of the intention behind this section.

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