Caoimhghín Ó Caoláin (Cavan-Monaghan, Sinn Fein)

Will the Minister of State advise the House if he has any concerns about the recent revelations regarding Allied Irish Banks, all of which have arisen as a result of the activities of whistleblowers and not as a result of the regulatory authority's work in uncovering bad practice, illegal activity or whatever may be the case within any of these institutions? Would it not give rise to further concern about the level of regulation and the powers of IFSRA in this regard? In light of the Bill we are about to address shortly in respect of Report and Final Stages and given the advent of these revelations, is the Minister of State not concerned that the Bill does not go far enough in respect of these matters?

In response to Deputy Boyle earlier the Minister spoke of penalties. Given the practice heretofore, which is already signalled with regard to the €25 million lodged by AIB with the Central Banks for excess charges for foreign exchange transactions — a conservative figure which will inevitably grow——

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