Oireachtas Joint and Select Committees
Thursday, 14 November 2013
Public Accounts Committee
Business of Committee
10:00 am
Shane Ross (Dublin South, Independent) | Oireachtas source
On the work programme, can we ask representatives of the Central Bank to come in again? There have been at least three extremely high profile events in which there has been Central Bank intervention. One is the finding of the €70 million gap in Royal & Sun Alliance which is without a proper explanation at this stage. While the Central Bank's involvement is not clear, we need to get to the bottom of it. It opens the much wider question of how many other insurance companies are involved in the sort of practices we suspect are going on elsewhere and which have a major effect on profits.
The second issue is the takeover of Newbridge Credit Union by Permanent TSB. That was initiated, led and directed by the Central Bank. In that case there is direct Government involvement in which we will certainly be looking for value for money because of the relationship between Permanent TSB and the State.
In recent days news has broken of the credit card issue, where again the Central Bank is the regulator. I am talking about the regulator coming in in all three cases. An enormous number of questions need to be answered in all of them. We need to know if the Central Bank is doing its job properly and what it is doing in all three cases and generally. We need to ensure these types of problem are not spreading throughout the three industries involved.
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