Ms Seána Cunningham:

It is a very interesting question. As the Deputy stated, it certainly steps back a level. The Law Reform Commission has looked at this issue. On one aspect, we have had the Hamilton review that was conducted. The report by Mr. Hamilton was very interesting and made several recommendations, including the creation of an advisory council on economic crime and corruption. There is always the idea of different functional mandates. Certainly we in the Central Bank find that supervision and enforcement in financial services sitting together is useful, but it is very important that we are part of and co-ordinated into the broader framework because, as the Deputy stated, there are several actors in play and the issue of which of them is appropriate to take the lead on a particular investigation, which of them offers supports, etc., and where the right skill sets are is really important. Arising from the Hamilton report, there has been the creation of an economic crime and corruption forum that brings together the sort of lead agencies with a view to better co-ordination with each other, which we would all welcome. The Central Bank is a constituent part of that.

A key area of focus for us in recent years has been how we have worked very effectively with the Garda National Economic Crime Bureau. There are cases in which we identify suspicions of serious criminality and report that to the Garda, which will be the lead investigator but with the Central Bank providing support. That sort of modelling is very important - obviously within the context of our respective mandates and frameworks - and we have seen it be successful.

For me, the key area of focus needs to be on using the framework effectively. I refer to the idea of joint training programmes which is being considered in the context of the forum in terms of rolling out training to investigators across several regulatory functions and the Garda so that we have consistency. However, we all operate with different frameworks and powers. The consideration of better co-ordination, working effectively together in relevant cases and seeking to ensure that things are addressed by the right agency in the right way is very much to be welcomed.