Ms Isolde Goggin:

As I have explained with respect to criminal procedure, hearsay is no use to us and we cannot initiate a criminal investigation on the basis of hearsay. If true evidence comes forward that we see will stack up, we have absolutely no fear of taking on an investigation. We have taken on some of the biggest companies in the State, including major industries. We are not behind the door when it comes to putting ourselves forward, but we must make a decision based on the best place to put our resources.

With regard to consumer redress, there are already two State agencies that I believe to be extremely committed to trying to get resolution for consumers in this. They have experience of the sector and know what they are doing. I do not see how we can do more than what we are already for consumers without tripping over each other and complicating the landscape for consumers. We must plough through the process with the Central Bank and the ombudsman as backup to get that form of redress for consumers. We need to get to the end of the process and get the report from the Central Bank. We must consider that and see exactly what was going on. There is a lack of transparency and opaqueness in the practices that were used. Who directed it? Where does it go? Does it come from the very top in banks and were people given orders to act in such a way?