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

It is difficult to go into this case at this hour having had a full day's session. I cannot accept, however, what the Governor just said. The legislation at the time referred to a breach. A breach is a breach. Every single breach on each day was a breach. Accordingly, it was a breaking of the law in the context of the legislation at the time. I have the analysis here in front of me.

The breach in question was 20 times the limit and, as I recall, involved a substantial amount of money.

The letter from the commissioner's office is specifically about the Jonathan Sugarman case and how he had reported the breach. From the letter, it is clear to me that this liquidity breach was to be dealt with through administrative sanctions, according to the Central Bank at the time. I find it unacceptable that a bank of that size breached the legislation and broke the law such that the individual concerned took it upon himself to report it to the Central Bank. Despite that breach and breaking of the law, no action was taken. The commissioner, however, has said someone within the bank had to have communicated some form of message to the bank, on the Jonathan Sugarman issue, to say it would be dealt with through administrative sanction procedures.