Seanad debates

Thursday, 16 February 2023

Central Bank (Individual Accountability Framework) Bill 2022: Committee Stage

 

9:30 am

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

I thank the Senator for raising those points. There is quite a lot to get through, so I might speak in general terms and then go through some of the specifics, if that is okay. What he raised gets to the essence of what we are and are not trying to achieve with the Bill in respect of cultural change, enabling appropriate look-back and striking all the correct balances. He correctly highlighted the issues that arose in the Supreme Court case. Whatever about a law student looking at it, however, this has been the subject of detailed scrutiny by the Office of the Attorney General, of which the Senator is, of course, a former holder, with a view to applying those principles throughout the Bill. I might go through some of the technical points on that and share a copy of the speaking note I have with him after the debate. This is a very technical Bill, drafted this way and that, and it is important to make sure it all comes together.

In general terms, the point about the look-back and the individual versus the bank or a financial services institute of any kind is important.

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