CENTRAL BANK (INDIVIDUAL ACCOUNTABILITY FRAMEWORK) BILL 2022 REACHES CONCLUSION IN THE OIREACHTAS ON WEDNESDAY 1 mARCH 2023

SEAR Hub has produced a marked up copy of the Bill based on the most recently agreed amendments.
Copy of Bill as passed by both Dáil Éireann and Seanad Éireann HERE   

The SEAR is HERE (almost)!

The only amendments to the Central Bank (Individual Accountability Framework) Bill 2022 (Bill 75 of 2022) agreed by Seanad Éireann (i.e. section 94 x 2 amendments) were agreed by Dáil Éireann on Wednesday 1st March 2023.  

The amendments are:

Amendment No. 1:
Section 94: In page 74, to delete lines 20 to 23 and substitute the following:
“(3) In relation to an inquiry, notice of which was given by the Bank before the commencement of section 53, the Act of 1942, as amended by sections 53 and 55 and Chapter 3 of Part 4, applies in relation to the following:

(a) an inquiry decision made before the commencement of section 53 if the decision has not, before that commencement, been notified by the Bank to the regulated financial service provider or person concerned;
(b) an inquiry decision made after the commencement of section 53.”.

 Amendment No. 2:
Section 94: In page 74, to delete lines 29 to 32.

What happens next?

Michael McGrath, Minister of Finance informed Dáil Éireann: In terms of commencement, I inform the House that all sections of the Bill will be commenced as soon as possible following enactment, with the exception of sections 3 to 6, inclusive, and section 10 that deal with the senior executive accountability regime, conducts standards and certification, respectively. These sections will be commenced following the completion of the Central Bank's public consultation that I urge all interested parties to engage with to inform the regulations and guidance that will underpin the provisions of the Bill. It is expected that the Bill, as enacted, will be fully implemented in the current year.

Copy of Bill as passed by both Dáil Éireann and Seanad Éireann HERE  ​