Derek Nolan (Galway West, Labour) | Oireachtas source

If someone had broken into the National Treasury Management Agency and stolen €3.2 million or removed this sum from an account, it would have been considered a major crime and caused a serious scandal. While I am not arguing that this is the approach being taken by the NTMA, in the case of €3.2 million going missing, the approach appears to be much more relaxed than it would have been had the money been taken from a bank or household, the reason being that it was taken in a roundabout fashion. State Street is in suspension and no action is being taken against the company. Regardless of the outcome or which individuals have admitted responsibility, State Street has admitted to defrauding the State but continues to have business through the other index bond shares to which Mr. Corrigan referred. People will want to see action taken. I encourage the NTMA to press the Financial Services Authority and State Street on this matter and rethink its relationship with the company. While I am aware State Street employs approximately 2,000 people in Ireland, this practice cannot be addressed by having an investigation and no action. There must be some consequences for State Street, either for causing this problem or allowing it to happen. It is unprofessional, and I am sure it has taken up much time in the NTMA and Office of the Comptroller and Auditor General and cost the State significantly more than the €3.2 million involved in the fraud attempt. The relationship between the NTMA and State Street must change.