Dan Boyle (Cork South Central, Green Party)

The Minister for State may not be aware that there has been a discussion today at the Joint Committee on Finance and the Public Service. The Governor of the Central Bank pointed out that in the period that the most recent revelations apply, 1989 to 1996, there was no effective regulation in place for subsidiaries, including the subsidiary involved — AIB Investment Managers Limited. Does the Government not fear that other financial institutions might reveal similar stories of how they have dealt the issue during that period?

Regarding the Government's attitude towards general remuneration packages, it seems that executives of banks not only expected handsome remuneration packages but also perks and privileges packages on top of that. Is this an area that needs to be regulated or even legislated for in future, given the expectations that seem to exist for people in the highest position in the banking industry?

Does the Minister accept that the Government has made a fundamentally flawed approach in the way that it has brought forward both the original Central Bank and Irish Financial Services Authority Act 2003, and the current Bill that is on Report Stage? We have a farcical situation with a regulatory authority that can identify problems which exist but seemingly has no real powers to deal with those problems as and when they arise.

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