Paschal Donohoe (Dublin Central, Fine Gael) | Oireachtas source

To deal with the Chairman's case with regard to changing the legislation in respect of the Central Bank, I will not be bringing forward proposals to change the legislation on the Central Bank such that it would have some kind of role in attracting investment or banks into our country. It is a regulator. It is its job to regulate, not to look at how it can attract banks into our country.

On the idea that an opportunity to attract banks into our country was lost, we are seeing banks leave. It is not the case that there is a large number of retail banks knocking on our door to come to Ireland to set up business. They are leaving. What we now have to do is consider what is the right environment and the right policy framework, anchored in an independent Central Bank, to try to ensure we have a banking sector that is financially stable, competitive, delivers investment and credit and continues to be an employer in Ireland. As for the idea that I am going to change the legislation to give the Central Bank a role in attracting investment, I am not going to do that because I do not believe that would be conducive to its role as an independent regulator. The Central Bank has the ability to make decisions on individual prosecutions. It has done that in the past. It has happened. It has an array of legislation that has been made available to it, which it needs and uses. I have also said that I am developing proposals on personal responsibility. I hope to publish the heads of that Bill before the summer.