Michael Noonan (Limerick City, Fine Gael) | Oireachtas source

I can appreciate the concern expressed by Deputy Michael McGrath in raising this amendment. It is important that where key information comes to the attention of the Central Bank it is taken seriously and acted upon. There are examples in the past where whistleblowers have made reports to the Central Bank in good faith and in the public interest without any further action from the Central Bank or protection for the person concerned. In the case of Mr. Eugene McErlean, the deputy governor, Mr. Matthew Elderfield has already issued a public apology on behalf of the Central Bank.

There is a balance to be struck here. On the one hand we would all expect the Central Bank to take action, where warranted, however other disclosures could be routine or minor, not to mention the possibility of frivolous or vexatious claims. The Central Bank will receive information from many sources - authorised officers, firms, auditors, skilled person reports, information requests, inspections, etc. It is important that action is taken based on the seriousness of the issue and an assessment of the risks involved. A blanket requirement to act on all whistleblower disclosures which would not apply to information received through other channels may be a little black and white to work effectively.

I have, however, some sympathy for the point raised by the Deputy and will ask my Department to consult with the Attorney General's office on the scope for an appropriate Report Stage amendment here. Perhaps we could include a requirement for Central Bank officials to report to the Central Bank Commission on the action taken on foot of disclosures and to explain cases where no further action was taken. This would allow for oversight of Central Bank officials by the Central Bank Commission, which is its function, but would also allow reasonable scope for information to be reviewed and assessed before deciding if further action is required. I will put that to the Attorney General and see if we can frame an appropriate amendment to meet the well-made point of Deputy Michael McGrath.