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

As regards the Central Bank and the legislation that governs its activities, is it time to review that legislation and to ensure that in some way it can play a part in attracting another bank? For example, Spanish banks were interested in coming in as the majority shareholders in two banks. Rather than allowing them to buy the books of KBC or Ulster Bank, we could have insisted that those two banks stand back and encouraged others to come in. It appears from KBC and Ulster Bank and the manner in which they have approached their exit from the market that this was long in the making and that through the process of consultation, if one wishes to call it that, and the understanding between Bank of Ireland and AIB in respect of Ulster Bank and KBC, the opportunity was lost to attract another player.

Separate to that the Central Bank conducted the inquiry into Davy stockbrokers. There was no role for an Oireachtas committee, not to make findings but to look at it generally, so we now have to rely on the independent company that is coming in to do the analysis of the daily transactions and so on. Again, future legislation might include a provision that the Central Bank would be allowed to name the banks and the individuals concerned in order that we get more transparency into the system. I believe it is only by opening up that route to transparency through the Central Bank that we will get real accountability because it is clear from people who deal with banks now, whether one has a bad debt or is trying to take out a loan, that the banks are becoming far more difficult to deal with, even down to resolving some of the issues raised here in this committee. The EBS tied agents issue is one that has gone on for many years. It has been in court and so on and no effort has been made by AIB or the EBS to sort out the tied agents issue. People's livelihoods were at stake and now the same people are paying for the fact that the bank itself will not come forward and at least talk and find a resolution.

Out of the pandemic, our banking experience and the entire history of our financial institutions, is it time to look at the Central Bank in terms of how it operates and give it more powers and the ability to name names in the context of its reports and so on? Will the Minister enact legislation regarding individual responsibility in the context of those found to have been associated with some form of wrongdoing? No person is accountable anywhere in this country, bar someone who robs a pair of socks from a shop when he or she would be up in court the following week. That is the law for the ordinary person. There is no law for the ones who are well up the food chain.