Oireachtas Joint and Select Committees

Thursday, 8 May 2014

Public Accounts Committee

2012 Annual Report of the Comptroller and Auditor General and Appropriation Accounts
Vote 7 - Office of the Minister for Finance
Chapter 1 - Exchequer Financial Outturn for 2012
Chapter 2 - Government Debt
Finance Accounts 2012

12:05 pm

Photo of Seán FlemingSeán Fleming (Laois-Offaly, Fianna Fail) | Oireachtas source

Mr. Moran can understand why ordinary people might be concerned about an insurance company in Cyprus having a passport to do business in Ireland. Effectively, the State had no control over that company's behaviour because it was not regulated here and, as a result, Irish people have lost out. Mr. Moran appears to be saying we should take steps in this regard in respect of our financial institutions and that there should be pan-European rather than national banks. If that were to happen, customers of banks based in other jurisdictions could suffer the same fate as those who took out policies with Setanta. The more one denationalises the banks, etc., the more one opens Irish citizens up to encountering problems in other jurisdictions. Mr. Moran has stated this is how the banking sector should evolve in the future. Are we not just asking for a bigger problem down the line?

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