Jennifer Carroll MacNeill (Dún Laoghaire, Fine Gael) | Oireachtas source

The point of the legislation is to extend a more significant regime to those who already have fitness and probity responsibilities and, as I have said, to the conduct standards to a much larger group of people, more junior in financial institutions, who will now come under a different regulatory regime. That is very important.

Section 32L of the Central Bank Act 1942 provides that the Central Bank shall prepare a statement regarding the Central Bank's performance in regulating financial services, which is provided to the Minister for Finance and laid before the Houses of the Oireachtas. As with other elements of the individual accountability regime, the bank as the regulator is the most appropriate body with relevant expertise to determine and implement the system and to make changes where necessary. The reporting function on the overall structure and operation, already provided for in legislation, is an important tool in democratic accountability and the assessment of the various matters the Senator correctly highlighted. However, it is already provided for in legislation in a different way and, on this basis, I do not accept the amendment.