Oireachtas Joint and Select Committees
Thursday, 14 December 2017
Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach
Paradise Papers (Resumed): Allied Irish Banks
9:30 am
Mr. Bernard Byrne:
AIB's only response can be to change the board constantly.
If all the board is doing in that circumstance is complying with the law, one will not get a different response. We deal with this issue regularly in terms of banking positions. For example, our UK banking entity, which is based in London, is subject to the Prudential Regulation Authority, PRA, and UK law. There is a very clear code, which applies for all Crown jurisdictions, regarding the independence of mind in respect of subsidiary activities. It is part of the regulatory obligations. The entity exists and has a legal personality and a form. It has rights, responsibilities and obligations. Data is one of those. I understand the point the Deputy is making; it is not that I do not understand it. Unfortunately, however, the law is the law in respect of that issue and it is different. Subsidiaries exist and they have to obey the law.
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