Ned O'Keeffe (Cork East, Fianna Fail)

Although regulation failed on the Government side, nothing is being done about the fact that corporate governance and risk management failed on the private sector side. The legislation in those areas needs to be tightened up if we are to save them. I have been making the point that the private sector has a lot to answer for, especially in the auditing area, but nobody seems to want to listen to it. Audit committees and all sorts of remuneration committees are being established as part of the boards of banks and other organisations, but no proper policing or reporting back is being done. The weakest people - the friends of the managers - are being put on the audit committees. Regulations need to be put in place to ensure that such people have to report back to a full meeting of the board in its entirety. I would like to make the point that the stronger people who are on the board might not be on the average committee. I appeal to the Minister to deal with the issues in the banks. What is the reason for the delay in appointing a new chief executive of Allied Irish Banks? I am asking that question because there is uncertainty in the banking system. What is wrong with Irish men and women that they are not getting these jobs? Why do we have to go outside the country to get people? We have the finest educated people in the world in this country. They are quite competent in every area, including the financial area. I do not understand why we have to go abroad to get people to set up business here. If there is a general election next year, will we have to go abroad to get people to stand in the various constituencies, on the basis that foreigners have more to contribute than Irish men and women? If we had depended on foreigners to free this island in 1916 and in the 1920s, Ireland would still be an alien country that is controlled from outside. It is about time for us to stand up for and defend our own people. The nonsense has to stop. If we have no one here, how can we go abroad and say we have something to offer? It is very important that these points are made.

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