Individual Accountability Framework: Bill Begins Dail Committee Stage

The Central Bank (Individual Accountability Framework) Bill began Dáil Finance Committee Stage this week (Wednesday 30 December). 69 amendments were proposed (mainly by the Department of Finance) with the majority being minor/for clarification purposes, and to reflect the ECB's role in fit and proper assessments in respect of those holding senior roles in 'significant' banks.

Following the publication of the Report arising from the Retail Banking Review the previous day (for more information on that Report, read our insights here: Retail Banking Report: 34 recommendations will now form part of Government policy), discussions regarding the easing of some of the remuneration restrictions on staff of retail banks took up almost half of the allocated slot for Committee Stage consideration of the Bill. As a result, only the first 22 of the 69 proposed amendments were discussed and agreed before the allocated time elapsed. The Committee will need to reconvene to continue