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

It is important to be crystal clear about the change that has happened now versus then. It is also important to refer to the further changes we are bringing in. We have significantly strengthened the powers of our regulator and the resources that are available to that office’s staff to ensure that our banks are better regulated, that the behaviour that the Chairman played his role in bringing to light is not repeated again, or that the chances of it ever happening again are very significantly reduced.

In the legislation I am bringing forward, and I thank the committee for its role in allowing me to get to this point with the legislation, we are bringing in significant change at individual level to do all we can so that if something like this happens again, that sanction is possible at an individual level. That is why we are bringing this legislation forward. It has taken some time to do that but we are bringing it forward.

I also believe that cultural change has taken place in our banks. I accept that they need to do and explain more in respect of their awareness of the needs of customers and their obligation to them. Overall, if one looks at the legislative change that has happened and the legislation I am bringing forward, we are in a very different place from where we were in 2009 and 2010.