Central Bank (Individual Accountability Framework) Bill: The Zalewski Judgement - A Catalyst For Change

The Central Bank (Individual Accountability Framework) Bill 2022 ("The Bill") was published in July 2022. At a recent Matheson event held on 1 September 2022, Oliver Gilvarry, Assistant Secretary in the Banking and Financial Stability Division of the Department of Finance, discussed key provisions of the Bill with Darren Maher, Partner and Head of the Financial Institutions Group and Niamh Mulholland, Partner in the Financial Institutions Group. Described by Darren Maher, as a "forward looking piece of legislation", a central theme of the discussion was how the Bill will provide a new framework to further embed compliance culture in the financial services sector in Ireland.

The discussion focussed in part on Part IV of the Bill which is of particular interest, as it proposes to enhance the current administrative sanctions procedure under the Central Bank Act 1942 together with the fitness and probity regime under the Central Bank Reform Act 2010. The panel