ECB green light Doherty's ‘Jail for Lying to the Central Bank’ Bill
Sinn Féin Finance Spokesperson Pearse Doherty TD has welcomed the opinion of the ECB on his legislation to impose jail sentences on bankers and others in financial institutions that have lied to the Central Bank.
The ECB said that “the draft law complements the Central Bank of Ireland’s existing tasks”. Deputy Doherty said a potential major obstacle had now been removed and that the Bill can proceed swiftly.
The Donegal TD said:
“I welcome the ECB opinion that my Bill complements existing Central Bank tasks. This leg will impose jail sentences on banks and others who are found to have lied to the Central Bank. Their opinion removes an excuse for the government to impede this legislation.
“I note the ECB’s comments that ‘it may be useful to further examine whether there are specific gaps in the CBI’s powers to sanction financial service providers and their senior managers’ which are in line with the Central Bank’s own submission to the Law Reform Commission that ‘The Central Bank strongly recommends that reforms assigning responsibility to senior personnel be adopted in this jurisdiction’, remarks referenced again last week by Governor Lane.
“The path is now clear for this piece of anti-white collar crime law to progress. I will examine taking on board the ECB and Central Bank recommendation of adding in reforms holding senior personally accountable to a greater degree. Today the Finance Committee agreed to move this legislation to the next stage of scrutiny which will also look at the Central Bank and ECB’s proposals.” ENDS
Note: Please see the ECB opinion attached