Opening statement by Minister Donohoe to Seanad Ãireann on the Future of Banking in Ireland
Thank you Cathoirleach for the opportunity to discuss the future of banking this afternoon.
I will open todayâs discussion by updating you on what I see as some of the key issues: the impact of COVID-19 and our response; the changing retail financial sector environment and the challenge for banks to secure an appropriate return; as well as the continuing effort to improve regulation and rebuild trust in the banking system in this country through measures such as the Senior Executive Accountability Regime (SEAR).
Updated / Tuesday, 20 Apr 2021
09:47
65% of company directors and business leaders support the Government s Individual Accountability Legislation, a new survey shows
A new survey shows that 65% of company directors and business leaders support the Government s Individual Accountability Legislation.
56% are personally in favour of the concept of directors individual accountability, the latest quarterly Director Sentiment Monitor survey by the Institute of Directors in Ireland shows.
Support from directors and business leaders from the financial services sector alone is even higher, at 67% and 69%, respectively.
The Central Bank (Amendment) Bill 2019 includes provisions relating to the Senior Executive Accountability Regime (SEAR) and Conduct Standards on all Regulated Financial Service Providers (RFSPs).
MCO Wins the A-Team Innovation Awards 2021 apnews.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from apnews.com Daily Mail and Mail on Sunday newspapers.
Following the disastrous failure of management and supervision in the Irish banking system in the years leading up to the 2008 collapse, a referendum in October 2011 proposed extended powers for Oireachtas inquiries, the better to investigate what happened and to allocate corporate and personal responsibility.
It was defeated narrowly. An issue at the referendum was the level of confidence that could be placed in elected representatives to employ extra powers with restraint. Over the last few weeks, the reception accorded the report of the Commission of Investigation into Mother and Baby Homes and the Central Bank s adjudication in the Davy affair will have vindicated those who opposed the 2011 referendum. They argued that politicians could not be trusted to use expanded powers judiciously.