Jimmy Deenihan (Kerry North, Fine Gael)

I will make three points on section 6(2). It is very important the banks be obligated to report negative moves as soon as the information becomes available, both to the regulator and the Central Bank. If they do not do so they should be penalised. Banks should also be obligated to rotate their auditors more frequently, at least every two years which is not the case at the moment. Auditors should have to report to the regulator on a more frequent basis than at present, perhaps every two or three years. The Minister should include such obligations when he draws up the scheme.

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