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

I thank Senator Black for raising this because it speaks to what we are trying to do with this legislation, who we seek to include and the significant expansion of people who will now come under this legislation. I understand the Senator wants accountability and reporting and that is important. However, the system for designated controlled functions and pre-approval controlled functions has worked well over the past 12 years. I gave figures on Committee Stage of the number of people involved, the number of sanctions and the careful way they had been used. The regulations are transparent. They can be and have been amended by the Central Bank when required. As more information comes and organisations get more complex, we are in this legislation adding considerably to that range of people but the bank undertakes consultation with stakeholders to amend that range of functions and keep the matter under review. As recently as 2022, amending regulations were issued by the bank following such a process.

Section 32L of the Central Bank Act 1942 requires that the Central Bank shall prepare a statement relating to its performance in regulating financial services - which would include this - which is provided to the Minister for Finance and laid before the Houses of the Oireachtas. The bank engages regularly with the Houses if there are specific issues.

I met with the Central Bank deputy governors today and discussed this legislation and our expectations around the consultation process and the regime more broadly with them. It was not in terrific detail as the meeting was about something else but I was conscious I was coming here today. The bank is always mindful of the performance of its functions and its relationship with the Department of Finance and the Houses of the Oireachtas. I will not accept the amendment because I believe it is covered in any event, through both the Oireachtas processes and the laying of the report.