Frances Black (Independent) | Oireachtas source

-----of the regime in this House. As the Minister of State outlined, the regulations will be drafted following a comprehensive consultation process, so it is very important we ensure that the public's input is given the maximum possible weight within that process. I fear we will see, as we have seen many times before, the outsized influence of banking lobbyists. A recent article in TheIrish Timeshighlighted that 84% of compliance officers in relevant financial services firms said this accountability regime would make it hard to hire senior executives. This is the same scaremongering rhetoric we heard in respect of banking executives' pay. It was disappointing to hear the Government repeating those talking points before Christmas, when it removed the cap on bank executives' pay. Prudent, responsible people have nothing to fear about a robust regime of accountability for senior executives.

We know that impunity for bankers does not attract top-quality talent; in fact, it acts as a perverse incentive which attracts the wrong kinds of individuals. The truth is that these executives are very well compensated for the burden they take on. A report by the European Banking Authority revealed that nearly 50 financial institution executives in Ireland were paid over €1 million each last year. Bank executives do not need to be mollycoddled; they need to do their jobs and to be answerable for the decisions they make. I hope the fearmongering from the banking lobby does not outweigh the public's interest in rigorous regulation during the consultation process.

What we need to prioritise in the upcoming consultation process, as I said, is the voice of the public. We need the detail of the accountability regime to live up to the promise of this legislation. If what emerges from that consultation process is a watered down compromise, the legislation will have failed. Recent Irish history demonstrates that inadequate regulation, oversight and accountability of the banking sector can have disastrous consequences which impact the most vulnerable members of our society most. We must therefore ensure that history does not repeat itself. The stakes are too high.

As I said, I and my Civil Engagement Group colleagues look forward to engaging on the specifics of the legislation on Committee Stage.