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

Colleagues around the Houses have come to me because both Deputy Durkan and I have spoken publicly about this. We want to get this right, but the consequence of the decisions to date are such that they create fear regarding the description of a PEP, what people think of PEPs within banks and just with what is going on generally. The banks do not want the scrutiny and they do not want too many of these accounts; they prefer not to have them. That is the reality. That is the consequence of the decisions that have been made. The decisions and the directives are affecting people's lives in a way perhaps that was not intended and, therefore there is an obligation on all of us to take that unintended consequence and to deal with it in whatever way this new single rule book is going to say. It is probably going to take the worst-case scenario and build rules around that rather than acknowledge that not every PEP is a criminal.