Pearse Doherty (Donegal, Sinn Fein) | Oireachtas source

I hope in future the Central Bank will not wait five years when customers bring to its attention that they are being fleeced by their banks. That is the point. The bankers would not have owned up to the wrongdoing had the Central Bank not called for an industry-wide review. I appreciate that but the fact that it is being led by the banks themselves is wrong. The Central Bank should be carrying out the review. It is relying on the institutions to come forward with data and the Central Bank is supervising the review but it is a problem that it is not leading the review.

We will come to discuss the issue again because Governor Lane will be before this committee. The events occurred before his time but what was allowed to happen to customers by the Central Bank is disgraceful. It had a responsibility to regulate the institutions concerned and to intervene on behalf of customers. The Central Bank took action but it did so far too late.

I wish to return to the Bill because it is very important.