Jennifer Carroll MacNeill (Dún Laoghaire, Fine Gael) | Oireachtas source

I will deal with each amendment in turn. Amendment No. 11 seeks to insert "rights and" after "the". The insertion of the text proposed in the amendment is already encompassed in the current wording. From a drafting perspective, it does not add anything to that which is already in the existing wording, and I do not accept the amendment.

Amendment No. 12, which seeks to insert "or who are impacted by its activities" after “engages”, creates a drafting problem. It would impact on the conduct standards provision. Individuals under that provision, and often those who are junior, could be subject to sanction for not acting with honesty and integrity with regard to external and, crucially, unquantified impacts. It is impossible to properly judge, within the legislative form here, whether the actions would have such an impact and, more properly, in regard to the guidance for the Central Bank. It is not a legislative formula that works. In addition, it would extend the bank's mandate to a wider subset of activities other than financial services regulation, which is beyond the scope of the Bill. The activities of regulated financial service providers, which may impact on persons other than staff, customers and other persons with whom they engage, potentially encompasses a vast range of matters outside the scope of the bank's regulation. The broader societal piece, which this legislation is trying to incrementally add to and support, is outside the scope of the Bill.