Within the Central Bank (Amendment) Bill of 2019, the Central Bank of Ireland (CBI) set out detailed proposals for the introduction of a Senior Executive Accountability Regime (SEAR), with firm culture squarely in its purview.
The Bill follows on the ‘Tracker Mortgage Scandal’ that has produced national uproar. Allegations are that leading Irish retail banks either denied customers the right to a cheaper mortgage or placed them on one at an incorrect rate, 1 resulting in home loss for many and financial harm to others.2 The Bill followed recommendations the Central Bank had made in the Irish Law Reform Commission’s Issues Paper, “Regulatory Enforcement and Corporate Offences.”3
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