Finance minister Paschal Donohoe Image: PA Finance minister Paschal Donohoe Image: PA UNVEILED LAST TUESDAY by Minister for Finance Paschal Donohoe, the draft legislation for a new Individual Accountability Framework is a case of ‘better late than never’.
The centrepiece of the Central Bank’s initial proposals back in 2018, media and political interest in the SEAR was revived in the aftermath of the Davy debacle in March. That means each senior employee will have to sign a statement outlining the precise responsibilities of their job. If a senior employee does fail to take reasonable steps to stop their firm from breaking laws or regulations, the Central Bank can then take enforcement action against the individual and impose administrative sanctions.“So it moves you along that step in a much more efficient way,” Professor Clarke says.
“This may not be appropriate or possible in every single case as it may not accurately reflect an individual’s conduct in respect of the wrongdoing under investigation,” the general scheme of the draft Bill states.Clarke says that combined with the responsibility map, this will “make it easier” for the regulator to conduct its business and make their investigations “more accurate”.
So while Court of Appeal judgment clarifies that the past conduct of a former executive can be investigated, the new framework further shores up this potential loophole.
Nobody believing this stuff any more until something concrete actually happens. Tribunals, reports etc are just waffle.
Disgusting ,sur we can have another tribunal,the Irish way ,wave that finger and white collar crime goes unpunished
Notice no mention of jail.time. this legislation is to ensure that no banker goes to jail for the next multi billion euro scam. Even know the blueshirts are protecting people like Denis o brien and the criminals running our banking system. Another joke
Great at legislation, oversight NOT SO MUCH, JUST ASK WhistleIRL OR ANY MICA HOMEOWNER MICAREDRESS BlocksIreland PaddyDiver4
It’s all horse shit they’ll still get off the hook they just telling you what you want to hear 🤪surely use are all copping on to this shit by now 🙃
15/20 years too late?
Ha ha
Can they start by looking into brianhayesBPFI