Oireachtas Joint and Select Committees

Thursday, 13 June 2013

Public Accounts Committee

Special Report No. 72 of the Comptroller and Auditor General: Financial Regulator (Resumed)

2:10 pm

Photo of Shane RossShane Ross (Dublin South, Independent) | Oireachtas source

If someone within that department who was involved in the stress testing at a high level, and I understand they were, made the allegation that the stress tests were flawed, which I understand is what they were saying, the way they were treated is very important. It is important to us that the Central Bank, which obviously is accountable to the State, is operating a whistleblower procedure in a satisfactory way. What is important about this, and I understand Mr. Elderfield's reticence about the individual, is being sure that anybody from the inside with an expertise in this area who goes through the whistleblowing process is not silenced, dismissed or suspended for those reasons. It is to make sure that the right and fair procedures are put in place and because it is not clear, it seems to me that this episode is a little murky. It would help if Mr. Elderfield could say to us that in terms of what happened, they made these allegations, they were investigated, we suspended them for a period, or whatever happened, and then we took them back, if that is what happened. This is a very serious issue because the way these stress tests are conducted is very important to the nation but we would need to be sure that the Central Bank is behaving in a way which protects the integrity of the process, not just the integrity of the Central Bank.

Comments

No comments

Log in or join to post a public comment.