Leo Varadkar (Dublin West, Fine Gael) | Oireachtas source

The Central Bank already has extensive powers in this area. It can take action against individuals under its administrative sanctions procedure and fitness and probity regime. It can conduct an enforcement investigation into an individual, resulting in sanctions, including: a fine of up to €1 million; a requirement to pay the bank's costs for the investigation inquiry; and disqualification from working. The Central Bank can prohibit a person who is not fit and proper from performing any controlled function into the future. The Garda also has powers, as does the Director of Corporate Enforcement, who is aware of this matter. I think the Deputy is referring to the Central Bank (Amendment) Bill 2018, which would bring in a senior executive accountability regime. This was only proposed for the first time in 2018 in a report from the Central Bank and therefore could not have applied to offences that occurred four years previously. The Minister for Finance will bring that legislation forward as soon as possible.

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