John McGuinness (Carlow-Kilkenny, Fianna Fail) | Oireachtas source

On an historical note, I ask the Minister to ask the Central Bank why it has not acted on the report compiled by Mr. Jonathan Sugarman. He gave a submission to this committee and highlighted a breach of regulations, which was absolutely substantial. The Central Bank has replied to Mr. Sugarman's evidence but took no action. Either the rules have been breached or they have not. I do not expect the Minister to know the detail of it now but I ask him to raise the matter with the Governor of the Central Bank.

There is unease about the manner in which the Central Bank offers consumer protection as it is not extensive. The Central Bank's response to the tracker mortgage issue has been pathetic. and it must do more to protect consumers. The committee hears complaints about the Central Bank on a regular basis. I have expressed my opinion and I ask the Minister to raise the matter with the Central Bank.

On a more important issue to me, the National Housing Co-operative Bill 2017 was discussed in the Seanad last week with the Minister of State at the Department of Finance, Deputy D'Arcy. A Bill to establish a co-operative is part of an overall approach. The legislation was not voted on and the debate will resume, but the Minister of State spoke against the Bill. The main Opposition party contributed to the debate but only hinted at the real situation, did not offer much of a solution and avoided the issue. I think the issue should be taken up. In line with what Deputy Pearse Doherty asked earlier, is it possible for Department officials to engage with the people who wrote the Bill, including the Master of the High Court, Mr. Ed Honohan? The latter has expressed an interest in meeting the Minister. Liaising would be worthwhile as the legislation could be developed into a Bill that offers solutions. In the past week or so, the legislation has been cleared with the Ceann Comhairle, with an amendment. It is not a money Bill and I hope, in the same spirit as what Deputy Doherty asked earlier, we could discuss this legislation with Department officials.

The committee has received a submission and we have had a good debate with those who are putting the Bill forward. It has been constructive. This has been debated to a limited degree in the Seanad. We heard the contribution of the Minister of State, Deputy Michael D'Arcy. A further meeting with the Department, as soon as possible, would be of assistance.