Maria Byrne (Fine Gael) | Oireachtas source

I thank the Minister of State for attending to discuss this important Bill. When we think about it, the issues of accountability and transparency are the kernel of this Bill, which itself is strengthening the original legislation. This is to be achieved by prescribing responsibilities and providing for the allocation of responsibility and accountability for the management and operation of regulated financial service providers, RFSPs, to individuals, while maintaining a balance with the responsibilities that properly belong to the firms themselves. The Bill will provide for obligations with respect to governance, management arrangements and senior executive accountability.

With regard to the responsibilities of the Central Bank, it is very important that there is accountability, clear regulation and strong legislation in place to cover all areas. The fact is that the legislation is being strengthened and the Government has brought forward amendments. While many of them are technical in nature and to the layperson probably do not mean anything, they are very important amendments. The Minister of State set out the different steps that are to be taken in the different amendments. I commend the Bill to the House.