Oireachtas Joint and Select Committees

Thursday, 12 March 2015

Committee of Inquiry into the Banking Crisis

Context Phase

Dr. Elaine Byrne:

That is why the very first recommendation I suggested was that there should be an audit of the different agencies tasked with oversight. I know from speaking privately to the different individuals in these agencies that, again, they are people very committed to their role of oversight but are frustrated they do not have the resources to do so or that there is no information-sharing. I have written in articles before how the response to the drugs epidemic, along with the murder of journalists and a policeman in the mid 1990s, saw the establishment of one of the most innovative bodies in the world, one which most countries seek to replicate, the Criminal Assets Bureau. Yet, after the biggest financial crisis in the history of the State, the response is not an overhaul of how fraud and economic crime are investigated, prosecuted and resourced, as was the case in the US or UK. That to me is incredible and very shortsighted.