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ARTICLE · 10 AUGUST 2022

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Individual Accountability & SEAR: Central Bank (Individual Accountability Framework) Bill 2022

William Fry LLP
William Fry LLP
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William Fry LLP

William Fry LLP

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On 28 July 2022, the Department of Finance published the Central Bank (Individual Accountability Framework) Bill 2022 (the Bill).

IrelandFinance and Banking
Shane Kelleher
Shane Kelleher
Lisa Carty
Lisa Carty
Louise Harrison
Louise Harrison
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INTRODUCTION

On 28 July 2022, the Department of Finance published the Central Bank (Individual Accountability Framework) Bill 2022 (the Bill).

The main features of the Bill are aligned with those of the General Scheme of the Central Bank (Individual Accountability Framework) Bill 2021 (the Heads of Bill) which was published on 27 July 2021.

The origins of the Heads of Bill can be found in the Central Bank's 2018 Report on Behaviour and Culture of the Irish Retail Banks (the 2018 Report). The 2018 Report originally outlined the four pillars of the individual accountability framework (IAF) including:

  1. conduct standards
  2. fitness and probity reforms
  3. reforms to simplify regulatory enforcement against individuals

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