Michael McGrath (Cork South Central, Fianna Fail) | Oireachtas source

I confirm the second amendment to section 94 is a consequential amendment to delete subsection (5). The effect of the deleted subsection is achieved in subsection (2) in conjunction with the new subsection (3) in amendment No. 1. Both amendments were agreed by the Seanad and I am happy to commend them to the House.

I will take the opportunity to thank Deputy Doherty in particular for his input and his work on this Bill and this issue more broadly over a long period of time. On my behalf and that of my predecessor as well, I acknowledge the enormous amount of work that all the officials have put in over a period of time to make sure this Bill was brought to fruition. It is important to acknowledge the need for this Bill to be robust and to be able to withstand legal challenge. It has taken longer than anyone would have liked, but we are now at this point. It involved lengthy engagement with the Office of the Attorney General and the Central Bank to ensure the legislation was effective and constitutionally robust. Of course, during the drafting of the Bill, substantial changes were needed to take account of the Supreme Court Zalewski decision, which has been referred to. It is a large and complex Bill, but this is a milestone day. It is a very significant day, given the passage of the Bill.

In terms of commencement, I inform the House that all sections of the Bill will be commenced as soon as possible following enactment, with the exception of sections 3 to 6, inclusive, and section 10 that deal with the senior executive accountability regime, conducts standards and certification, respectively. These sections will be commenced following the completion of the Central Bank's public consultation that I urge all interested parties to engage with to inform the regulations and guidance that will underpin the provisions of the Bill. It is expected that the Bill, as enacted, will be fully implemented in the current year.

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