Alice-Mary Higgins (Independent) | Oireachtas source

I am happy to ask my questions and for Deputy Mairéad Farrell to ask her questions, and for us to receive combined answers if we are tight for time. Perhaps we have time to go sequentially.

I have two sets of questions. One relates to the supervisory work. Ms Rowland mentioned that is a separate team. Is that supervision of Davy structures overall or would that supervision, for example, have extended during the period of investigation to supervision of the relevant individuals who were the subject of the investigation? Ms Rowland mentioned the intrusive supervision. How detailed is it?

The Central Bank stated that it was striking how easy it was for individuals involved to circumvent the personal account dealing framework. Have any further investigations or examinations taken place into these individuals and their actions in respect of the framework? To the extent that Ms Rowland can indicate, what further investigations or activities have taken place? I acknowledge the work of Seána Cunningham on this investigation. It is important to understand what has happened in parallel during those seven years. Was the supervisory work forward looking or did it look backwards to examine those?

I share the concern about groupthink. The Ailmount investment body has 30 equal shareholders, five of whom I believe come from Davy. This is what thecurrencyuncovered about the company structures. My concern is that the investment limited partnership legislation passed by the Oireachtas makes it much easier when we talk about board responsibility. It is now possible for somebody to sit on a board, have influence on the decisions of a board and be a limited partner with relatively little liability. Given those scenarios of groupthink, is it a concern to have a number of members of a board, all of whom are counted as limited partners, working in concert in the way we have seen at Davy? It seems extraordinary that the limited partnership legislation was rushed through while the senior executive accountability regime seems to be stalled. Why is that stalled? Did the Central Bank have concerns over the reduction of board accountability in the investment limited partnership legislation?