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ARTICLE · 27 JUNE 2019

In The Frame – Accountability Framework Gets The Go-Ahead

Dillon Eustace
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These proposals will be included in the Central Bank (Amendment) Bill 2019.

IrelandFinance and Banking
Dillon Eustace
Dillon Eustace
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The Government has recently given the green light (18 June 2019) for new legislation to be drafted so that the Central Bank of Ireland's (the "CBI") proposals for an Individual Accountability Framework can be introduced (see previous article on the CBI's proposals here: Link). These proposals will be included in the Central Bank (Amendment) Bill 2019.

What changes will be introduced?

According to the Government, the Heads of Bill will provide for the following:

  • a Senior Executive Accountability Regime which will place obligations on firms and their senior management to set out where responsibility for decision-making lies. If the Government adopts the CBI's proposals as set out in its report on "Behaviour and Culture of the Irish Retail Banks" (the "Report"), regulated entities will be required to prepare "Statements of Responsibilities" for each senior staff member falling within the regime's scope and to produce a "Responsibility Map" documenting

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