Bertie Ahern (Dublin Central, Fianna Fail)

Mr. Gleeson and previous holders of his position are people of outstanding probity and credibility who do their best to ensure these things do not happen. Unfortunately, people do not do what we expect them to do within the normal standards of business. That is the disappointment, we would expect more of many of the people involved in these issues at different levels. It is not always the case that the people at the top or on the boards can keep track of everything. All of them will now use IFSRA, the Central Bank and the Director of Corporate Enforcement to look for things they did not think would happen and they will do their utmost to stop them.

I would like to be able to say that, because we have introduced much legislation in this area, every malpractice in the financial sector can be fully controlled, but the Deputy knows I cannot give that promise because there is always someone who finds another way around these issues, that is how these things happen. Obviously, the investigations will be of help but in some of these cases wise people know where bodies are buried and it is not easy for regulatory bodies to find them. It is important, however, that all powers and controls, as far as is possible, are used.

I have noticed in the past few days that some people outside the State have been gleeful about some of these things. Apart from these issues, however, I believe that we have a good financial system. We cannot say it is perfect but there are many good people who work hard to make it what it is and I hope we can correct these issues and not let a few people do damage to a valuable Irish industry.

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