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

This is where the difference is. I have listened attentively from 10 a.m. to what the Governor had to say. That statement and how the Governor now balances it in terms of society emphasises the difference between the Central Bank and myself and, I believe, the Oireachtas Members because our task here is to put people front and centre. One might apply, in legislation, the so-called lesser evil for the greater good, and it would seem from how the Governor describes events and the regulated entities that that is not the case in the bank.

Let me explain. Over the long weekend just gone, that lady, Yvonne, was jailed because of the efforts she was making to keep her family home, and to this day she is in jail. In Iceland, the 26th banker was jailed since 2008. I have listened to the Central Bank state time and time again - Ms Rowland said it a moment ago - that the regulation and rules travel with the loan as it is sold on from the bank to the vulture fund looked after by the regulated entity, but the Central Bank is not listening to what is being said, certainly, in what I stated to the Governor earlier. As Chairman of this committee, I and other members are trying to convince the Governor. It may travel but they completely ignore it. We have given the Governor examples and I will follow up on them in writing.

Senator Conway-Walsh talked about the vulture fund representative knocking on the door of the individual concerned. I can tell the Governor that in my own constituency the same happens but they might use another person, such as the receiver, connected with the regulated entity who is almost independent of the regulated entity. Essentially, what is happening is they are running rings around the Central Bank.