Seanad debates
Thursday, 16 February 2023
Central Bank (Individual Accountability Framework) Bill 2022: Committee Stage
9:30 am
Jennifer Carroll MacNeill (Dún Laoghaire, Fine Gael) | Oireachtas source
Yes. I may refer to page numbers in the Bill but section 43 of the Bill inserts new sections, section 33ANJ and section 33ANK into the 1942 Act and this is just by way of example, in addition to section 15, in respect of the contents, for example, of the notice for investigation, the notice about the investigation and any changes to that. There are specific requirements about what it needs to contain and the identification of the contravention. I am paraphrasing because I have read some of that into the record and am happy to provide it to the Senator. Section 33ANK provides for requiring the report, the nature of the report and submissions back from the report. Senator McDowell is right, in that it is not drafted in the way that he has around an overall disclosure. In fact, it is built into the provisions in a much more granular way throughout the Bill at every stage.There cannot be any argument in relation to that. The Central Bank will be developing, as the Senator knows, the regulations and the process that will apply thereafter. That would provide even further detail about the nature of documents. All of the documents relating to the decision, the process, any changes to the process and opportunities to see drafts are built into the Bill. That level of granularity is important in the Bill. There will be further granularity in the regulations. It is just drafted differently. It is a different approach.
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