Oireachtas Joint and Select Committees

Wednesday, 10 November 2021

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach

Corporation Tax Issues and General Scheme of the Central Bank (Individual Accountability Framework) Bill 2021: Minister for Finance

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

The Deputy was making the point earlier on about tracker mortgages. It is relevant to this debate to acknowledge that under existing legislation action has been taken. That is relevant. It is also relevant to acknowledge, which the Deputy will not so I will make the case myself, that when, in part due to the work of this committee that I acknowledge, I was explicit in condemning the behaviour of the banks and the behaviour and the culture that led to the tracker mortgage scandal happening and how it was dealt with. I reiterate that today but acknowledge legislation and powers which have been used in dealing with the tracker mortgage issue.

On whether €1 million is of sufficient magnitude for sanctioning of individual behaviour, I believe that for the vast majority of people €1 million is an exceptionally large fine. However, as we take this legislation through the Houses I am willing to listen to and consider the views of Members on this. It is also something the Central Bank could consider but for the vast majority of people €1 million is a gigantic amount of money. As to whether this legislation deals with whether that individual can have the fine paid for by his or her company, as far as I am aware at the moment it is not possible to legislate with regard to that issue. However, again I am happy to hear the views of colleagues on that point too, as we take this Bill through the Houses. My preference is to have an individual sanction regime paid for by an individual.

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