Michael McGrath (Cork South Central, Fianna Fail)
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The Minister's speaking note was lengthy. When the Central Bank is of the view that a firm needs to be investigated or have a report prepared on an issue, why is it preferable for the firm to appoint another to compile the report, as opposed to the Central Bank, as the independent watchdog and regulator, appointing a firm to do the work? There was a considerable amount of material in the Minister's response and he outlined the safeguards. However, I do not get the principle involved. Why is it preferable for the firm to appoint another? Why not remove any doubt about the independence, objectivity and integrity of the report by having the Central Bank put together a panel of appropriate firms every year under the procurement process and dip into it to appoint one of them to produce a report on a particular issue about a licensed entity? I do not understand the logic used.