Noel Grealish (Galway West, Independent)
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364. To ask the Minister for Finance the current status of the Central Bank (Individual Accountability Framework) Bill 2021; the progress that has been made to date; when he expects the full details of the Bill to be introduced in the Houses of the Oireachtas; and if he will make a statement on the matter. [28861/22]

Paschal Donohoe (Dublin Central, Fine Gael)
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The Central Bank (Individual Accountability Framework) Bill will drive positive changes in terms of culture, greater delegation of responsibilities, and enhanced accountability while simplifying the taking of sanctions against individuals who fail in their financial sector roles.

The General Scheme of the Central Bank (Individual Accountability Framework) Bill was approved by Government and published on the Department's website in July 2021 (www.gov.ie/en/press-release/4f16e-minister-donohoe-secures-agreement-to-draft-central-bank-individual-accountability-framework-bill).

My officials are working closely with the Office of the Parliamentary Counsel on the drafting of the Bill, which is at an advanced stage. It is a complex piece of legislation which has had to be extensively adapted to take account of the Supreme Court's decision inZalewski v. Adjudication Officer and Others.

The Bill will provide greater levels of accountability, which will lead to better outcomes across the sector:

- Customers will benefit from financial service providers being fully accountable for the service and advice they provide;

- Employees of financial institutions will benefit from greater clarity as to their role and responsibilities, and will be empowered to speak up when they see failings;

- Firms and their shareholders will benefit through having senior executives personally accountable for their actions and inaction; and

- The wider economy and society will benefit from a more stable financial system by reducing the scope for reckless decisions.

Restoring public trust in the financial sector is essential, not least for the sector itself. The Central Bank (Individual Accountability Framework) Bill will provide an effective framework, and will help to reassure the public that meaningful cultural change is underway.

The aim of this regime is to allocate responsibility and prevent misdemeanour, rather than being punitive. This framework is designed to improve governance and the management of risk and outcomes for consumers.

I intend to bring the Bill to Government for approval to publish before the summer recess.