Speaking on the Bill, the Minister for Finance and Public Enterprise Paschal Donohoe TD intimated that it would it would be influenced by recent UK legislation in the area. Commenting, the CEO of BFPI, Brian Hayes welcomed the process, and indicated a desire that the legislation would be detailed, clear, and would seek to mitigate the possiblity of unintended consequences.
Outlining the objectives, the Minister said:
"At present my officials are working with the Central Bank and the Attorney-General’s office to provide a regime with the following provisions:
"Specific senior executives in firms will be designated as carrying out Senior Executive Functions;
The firms will be required to provide Statements of Responsibilities to the Central Bank which will clearly set out the roles and responsibilities of senior executives;
The firms will also have to produce Management Responsibility Maps documenting key management and governance arrangements in a comprehensive and accessible way;
"I await final material from my officials, the Central Bank and the Attorney General’s Office before making my decision on the exact sectors and firms to be covered by SEAR.
"However, the effect of these measures will be to ensure that there is absolute clarity as to who is responsible for what.
"This will foster a culture of personal accountability, and also safeguard against scapegoating if something goes wrong".
The Senior Executive Accountability Regime (SEAR) Conference on the Central Bank (Amendment) Bill was held in IBEC, Dublin on October 31 and the Minister took part in a Q&A at the event.
Speakers & panellists included: Derville Rowland, DG Financial Conduct, Central Bank of Ireland, Keynote Speaker; Brian Hayes, CEO, Banking & Payments Federation Ireland (BPFI); Danny McCoy, CEO, Ibec; Laura Wadding, Partner, Deloitte and Muireann Dennehy, Partner, Mason Hayes Curran.
Broadcaster and author Paul Williams was the MC on the morning. There were also expert panel discussions.