Brian Lenihan Jnr (Dublin West, Fianna Fail)

That is a matter which can be examined during the debate on Report Stage of the Central Bank and Financial Services Authority of Ireland Bill. The Bill provides for disqualification of individuals, as the Deputy is aware. Investigations are ongoing regarding the issues which have arisen in AIB. I do not wish to comment on individuals. There are internal disciplinary proceedings in AIB which should not be prejudiced.

As Deputies are aware, IFSRA has made it known that it will be reporting publicly on the outcome of its investigation. It will then be a matter for AIB to take the appropriate action regarding any of its staff who are involved, bearing in mind its legal and commercial obligations and its public reputation. IFSRA is involved in a substantial investigation of the Faldor and foreign exchange overcharging matters. We must rely on IFSRA to design its investigative process to focus on the important issues. IFSRA is determined to ensure that the highest standards apply in financial institutions, and if issues of general culture or compliance practice at a general level need to be investigated and corrected, in AIB or in any other institution, this will be done.

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