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

I do not suggest kicking to touch in the long term, but we should figure out what we are proposing in terms of a guarantee scheme, the structure it would have and how it would align with what the Central Bank is considering for the loan to value ratio. I agree that a loan to value ratio must be introduced.

It will not surprise Professor Honohan that the final point I wish to raise concerns the issue of information technology, IT, systems in banks. Ulster Bank received the largest fine that could be issued. Professor Honohan will be aware that I have been raising issues in the Dáil, unsatisfactorily, regarding the outsourcing of the Central Bank's IT systems. I understand an internal audit of security was carried out by Deloitte. How many audits have been carried out of the security measures in place following outsourcing? Did any of the audits reveal that there were risks that users working on the Central Bank of Ireland contract might not have accepted the responsibilities under section 33AK on the prohibition of disclosure of information? Did any of the audits identify weaknesses which increased the risk of security breaches at the off-site data retention site or did any of them reveal that HP Ireland had full access to Central Bank data, contrary to how it was supposed to operate?

IT systems are part of the core practices of banks. While it has many functions, the Central Bank is a bank. I have concerns about outsourcing and what has happened. I have raised this issue numerous times. There have been a number of blackouts and so forth.