Thursday, 5 December 2019
Department of Finance
As the Deputy will be aware, the Senior Executive Accountability Regime (SEAR) is a key element of the planned Central Bank (Amendment) Bill. My officials continue to work on this complex piece of legislation as the Bill's provisions must provide for an Individual Accountability Framework on the basis of sound principles so as to drive a better culture in the banking sector and wider financial sector.
My officials will be engaging with the Attorney General's Office in advance of submitting draft heads of Bill to Government so as to ensure that the correct balance between additional powers for the Central Bank and the protection of individuals' constitutional rights is struck and that the provisions of the Bill are constitutionally sound in the event of legal challenge.
It remains my intention to bring forward draft heads of Bill to Government for approval by the end of the year, however, this is a challenging schedule. This timetable remains subject to other competing legislative priorities, including any Brexit-related matters that may arise.