Bertie Ahern (Dublin Central, Fianna Fail)

On the different investigations, last year there was a radical overhaul of the institutional structures for financial services regulation and many of these regulations had not been tried or tested before now. This year we are enacting a second, complementary Bill that will give more powers to IFSRA to protect consumers and the financial system. Today we are debating Report Stage of the Central Bank and Financial Services Authority of Ireland Bill that will give further powers, with appropriate constitutional safeguards, to apply financial sanctions to financial institutions that are not acting responsibly and to individuals within those institutions.

Those powers now exist. For institutions the penalties proposed can be up to €5 million. Individuals may be disqualified from working in the financial sector. New offence provisions are also being added on Report Stage relating to bank charges. Regarding reporting, I understand that IFSRA, having held a meeting of the authority on Wednesday, 26 May, made a public statement on the matter at 4 p.m. on Thursday, 27 May. It went public, which is a change.

The rule regarding settlements is contained in legislation. We have substantially improved the legislation on reporting and compliance. If anything there are now more complaints regarding people who have made a settlement being still listed. The Revenue Commissioners now list quite small settlements made by individuals, including window cleaners.

On the issue of IFSRA carrying out a full check on AIB, IFSRA is involved in substantial investigations with Faldor on foreign exchange. We must rely on IFSRA to design its investigation process to focus on what it sees as the important issues. As I have said, customers must be recompensed, systems fixed, regulatory authorities informed and disciplinary action taken where offences have taken place. I am not in disagreement with any of this. The regulatory organisations now have the necessary powers to take tough action and impose tough penalties.

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