Bernard Durkan (Kildare North, Fine Gael) | Oireachtas source

If this legislation had been in place 15 or 20 years ago, how would it have affected the financial crash? Could it have prevented or ameliorated it? What would the situation have been in relation to malfeasance or misfeasance, as the case might be?

Can we look forward in the belief that this cannot happen to the same extent again without certain red lights flashing on the screen or could we find ourselves in the same position again? I ask this specifically concerning the fact that the Central Bank was in situand the European Central Bank, ECB, was aware of the way the show was being operated at the time of the financial crash. In the context of discussion even in the last few days, here we are ten or 15 years further on and this situation has not gone away insofar as the customers are concerned. From the point of view of inquiry into the lenders, however, it does seem to have gone away. The question still remains, therefore. I know the Minister will answer it in good faith. In recent days, though, we saw a court case where a great solution was found, allegedly. The borrower lost everything, of course. All was gone forever. Whatever structure is put on it, therefore, the outcome is that everything is gone. The borrower has lost a home for a lifetime. This is not a great achievement after all this, because after the whole process, it is gone too.

The situation is that a great industry has grown up in the meantime. Many people who were just simple borrowers were hurt and just washed away in the course of what happened. We are all dealing with the consequences daily. It is so sad. Even as we sit here, cases are being pushed into receivership and properties are being put on the market without the knowledge or approval of the borrowers. It is, therefore, a rough old world out there. It is tough stuff for those who must pay the penalty.Is the Minister satisfied, insofar as it can be achieved, that this type of situation could be prevented by the application of this legislation?