Oireachtas Joint and Select Committees
Wednesday, 3 November 2021
Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach
General Scheme of the Central Bank (Individual Accountability Framework) Bill 2021: Central Bank
My problem concerns Head 5, which reads:
A person commits a prescribed contravention for the purposes of Part IIIC of the Central Bank Act 1942 where all of the following are satisfied: (a) the person is performing, or has at any time performed, a senior executive function in relation to a regulated financial service provider,
(b) there has at that time been (or continued to be) a prescribed contravention by the regulated financial service provider.
That last line ties the individual to the firm. I am not coming from a legal point of view but I presume there is a defence in this instance that it must be proved there was a contravention by the regulated financial service provider before it can be said that person is, therefore, responsible.