John Deasy (Waterford, Fine Gael) | Oireachtas source

My contribution is not related specifically to the last two items but it is germane to the discussion. Mr. Matthew Elderfield appeared before the committee last week and was questioned by me and Deputy Donohoe on prosecutions over the past five years and the lack of progress in bringing people before the courts and attaining prosecutions. He made some comments that were so weighty that they need to be acted upon.

He said that in the case of individuals against firms, the law had not been changed. The capabilities had not been improved sufficiently to bring people to justice where there was suspicion they had broken the law when it came to infractions in regard to finance, etc. As a committee, and based on the evidence he gave, we need to have some kind of follow up quickly. I think he tried to nudge and prompt the committee to look into this matter. My take on what he said was that there really was not a spearhead in Government looking at this sufficiently even after five years and that there were lacunae in the law when it came to bringing prosecutions.

I understand there is some opportunity for us, when we look at the issues surrounding banking, to include something which could go to Government, based on what Mr. Elderfield said. He was quite open and I believe it is something on which we should act immediately and to which we should give the time it deserves. We should ask the questions of the Garda Síochána, his own office, the Central Bank, everybody involved in this in government, in particular the Department of Justice and Equality, and the Office of Corporate Enforcement. We should ask if suggestions have been made by the Financial Regulator in this regard, have they been followed up? What is the reason, in particular in the case of individuals, the laws are not sufficient to bring prosecutions against people?