Central Bank (Individual Accountability Framework) Bill 2022 moves to senead report stage on Tuesday 21 February 2023 and new bill tracker section

Hi all - hoping that these blogs keep you updated on the progress through the Oireachtas of the Central Bank (Individual Accountability Framework) Bill 2022 (Bill 75 of 2022).  On 16 February 2023 the Bill completed Senead Éireann's Third Stage known as the Committee Stage having commenced there on 8 February 2023.  On the last day of the Committee Stage, following amendments to the Bill, the Report Stage was ordered for Tuesday 21 February 2023 at 230pm.

The Report Stage is #9 in the above image. During the Report Stage amendments arising from the Committee Stage are considered.  Those of you wishing to learn more about the newly appointed (December 2022) Minister of State with responsibility for Financial Services, Credit Unions and Insurance, Jennifer Carroll MacNeill might wish to spend a bit of time reading through the debate in Senead Éireann of 16 February 2023

There was a good debate on the Bill during the Committee Stage. During the Committee Stage an amendment moved by Michael McDowell (Amendment #1) was defeated or otherwise referred to as 'amendment declaration lost'.  The defeated amendment intended that the Central Bank would be subject to a duty of full disclosure during any proceedings or investigation in respect of any natural person (including any appeal or application to the High Court) where that person may become liable to any prohibition or penalty under the provisions of the Act of 1942, the Act of 2010 or the Act of 2013.

​The definition of “a duty of full disclosure”, had the amendment been accepted, would have meant that the Central Bank of Ireland would have a duty to draw to the attention of and make available to any such person all information and documentation to which the Central Bank has reasonable access or has in its possession, power or procurement that might reasonably be of assistance to that person in his or her participation in the course of and for the purposes of such proceedings or investigation including opposition to the imposition of a prohibition or penalty or in relation to the mitigation of any such penalty.

Accordingly, Amendment #2, also moved by Senator Michael McDowell, being consequential on amendment Amendment #1 was not moved.

Another amendments moved but lost was for the business standards which the Central Bank has the power to prescribe would include ensuring that a regulated financial service provider ... acts in the best interests of customers, society and of the integrity of the market. [i.e. 'society' added after 'customers'].  The amendment having been put was declared lost. 

​If you wish to see all the amendments and how they were concluded, simply go to the debate of 16 February 2023 and search on the words 'lost', 'withdrawn' and 'declared lost' at the link in the 2nd paragraph of this blog.