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

I met the representatives of the group who have been affected by this. I have met constituents who have gone through the very kind of misery the Chairman is referring to and which he and the committee has highlighted, and am well aware of the hurt that was caused. I would make the case that surely the language of the regulator in condemning what had happened, and the magnitude of the fine that it has imposed, does matter. The fact that it has done that tells us that this is the kind of thing that was not happening in the regulation of our banks many years ago and is happening now.

I accept the Chairman’s point regarding what has happened to the individuals who are involved in decisions that were made. This is the reason we are bringing forward further improvements in this area through the SEAR legislation. I am not aware of there being a type of legislative constraint upon the ability of the regulator to comment on decisions it has made. When I am bringing forward the legislation, if there are improvements that can be made to further and build the confidence people have in our regulator and make its operation, perhaps, a bit more transparent and easy to understand, and if the Chairman has suggestions in that area that will improve the Bill, I will be happy to consider them. If I can further improve the legislation also as it moves through the Oireachtas, of course I will do so.