Peter Power (Limerick East, Fianna Fail)

There is a significant practical reason, if the amendment were to be accepted and enshrined in the legislation, that this would not serve the interest of the State or taxpayers. Clearly, if this sort of information on performing loans that were not causing any loss to the State were to be made available to Members of the Houses of the Oireachtas, and by extension to the public, this would create an immediate competitive disadvantage between that institution and institutions which are not part of the scheme of arrangement proposed by the Bill. People would prefer to deal with institutions that would not be obliged to disclose this information were this provision to be in the Act.

With regard to the point made by Deputy Gogarty, we obviously need transparency in the context of political accountability and funding for the political process from people who might be involved in this. I cannot disagree. However, this is not an issue that should be addressed in this legislation, but rather under other ethical legislation. The basic point is that under arrangements freely entered into by the financial institutions, citizens and corporate entities here, those entities that are performing and operating in a normal way and contributing and honouring their commitments under their loan agreements are entitled to confidentiality. Not only here but throughout the world, that confidentiality is at the core of the banking system where agreed arrangements are made between bankers and borrowers. If both sides of the arrangement are fulfilled, those involved are entitled to confidentiality.

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