Pearse Doherty (Donegal South West, Sinn Fein) | Oireachtas source

I will comment on amendment No. 21, relating to the liability of trustees for debenture holders. It exempts the trustee and indemnifies him or her against liability for breach of trust. I wish to tease out the second part of this, which states "where he or she fails to show the degree of care and diligence required of him or her as trustee". This goes to the core of what is white-collar crime. We are talking about funds domiciled in Ireland worth approximately €1 trillion, and people are investing that money in good faith. When that money is managed in a way that does not show a degree of care and diligence, it is extremely difficult to prosecute somebody under this legislation or have them held liable. It is extremely difficult to prove the degree of care and diligence required so has the Minister of State considered beefing up this section in the Bill to ensure there is further protection for those who have put trust in these trustees?