Arthur Morgan (Louth, Sinn Fein)

I wish I had another 22 minutes left because a significant number of other issues arise. Unless there is accountability in the banking sector, we are wasting our time. To return to the issue of Frank Daly and NAMA, Mr. Daly was rewarded with a job of €100,000 per annum beginning in December 2009. Within weeks, he had been given a salary increase of 70%, which brought his salary to €170,000 per annum. I do not know if he sought this increase. All other members of the board were given a pro rata increase. When we speak about this Bill, does it matter when there is so little accountability?

There are very serious questions I hope the Minister addresses when he replies to this debate. Unless he addresses these critical questions, where so-called public interest directors completely and utterly failed in their responsibility, what is the point in proceeding with the Bill? It appears worthless to me. If we can get proper explanations for this, then fine. Running after the former Financial Regulator and other bankers who are no longer in position is constructive, but it is time somebody addressed the bankers who are still there, as well as the public interest directors who are supposed to perform a critical public function in those banks. They were supposed to be the eyes and ears for the Irish taxpayer, the Minister for Finance and for the Government. They either knew what they were doing, or they did not. If they did not know what they were doing, the Minister made a mistake in appointing them. If they did know what they were doing, why did they not say something about it? Why are we not better informed on these matters?

I do not have to time to deal with how the auditors signed off on all this business without a word of a qualification. When I raised this with the new Financial Regulator last week, he told me it was a matter for the self-regulating bodies. There is little hope of getting accountability from that quarter.

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