Kieran O'Donnell (Limerick City, Fine Gael) | Oireachtas source

The point I am making, in a roundabout way, relates to the fact that an institution such as State Street effectively indulged in fraudulent activity and the only penalty it suffered was having to repay the money. For instance, it would have had access to the money for a period. We paid the interest on the money in the form of interest foregone by the NTMA. There must be a penalty to ensure that such activity does not happen again. I read through the reports in great detail. What happened was blatantly fraudulent. It is clear from the transcripts that there are parallels with other institutions, with phrases used such as “Here's what I think we should do with our new best friends”, and references to ripping off. The NTMA must consider seeking recompense in terms of the damage done to the taxpayer by State Street bank in the case under consideration. Otherwise, the only sanction is that a report has been drawn up. The matter is still being considered by the police force in the UK. The NTMA must take a stand not only on monetary issues but on issues of principle as well.