Anne Ferris (Wicklow, Labour)

That is correct.

I welcome the Bill. The Criminal Justice Bill 2011 shows that this Government will stand firm against misconduct by the financial industry. Like the jobs initiative launched only last week, this Bill delivers on another promised priority by the Government to be delivered in the first 100 days of office. I must also welcome the cross-party support it has received, though in the case of Fianna Fáil, its welcome support for the Government's Bill is a little after the fact. Had Fianna Fáil enacted this Bill in any of the past 14 years in which it was in power, perhaps some of the recklessness of the banks could have been avoided.

Let us be clear. The recklessness of the previous Government and the banks with whom they were in bed has seriously hurt this economy. The reverberations of their failed economic policies and the damage they have done are still being felt on a day to day basis by people around the country. The negative effect the bank guarantee had on the state finances cannot be underestimated. The bank guarantee, which only the Labour Party opposed, has cost the country dearly. There are now thousands of people unemployed, many hundreds of businesses are struggling and many more people at risk of losing their homes. How is that possible when we are supposed to live in a Republic?

Billions of euro have had to be poured into a faulty banking system and not enough of those responsible have been held to account. It is certainly something I hope to see remedied in the future. After all, why should the ordinary Irish person take the financial remedies, which are now necessary, when faintly dim, rugby playing bank executives get off scot free? One of these executives in particular, Sean Fitzpatrick, a constituent of mine in County Wicklow - I doubt he voted for me - owes a massive and sincere apology to the taxpayers of this country. From what I understand, while he may be bankrupt, that he has transferred property to family members and attempted to put assets beyond the reach of the state is a major cause of concern. It is for these reasons I welcome the provisions of this Criminal Justice Bill, because the proposed legislation provides the ammunition to tackle these complex financial irregularities.

Legislation for white collar crime should have been introduced many years ago. The victims of these crimes are not always readily identifiable as immediately as those who suffer physical injury, but victims they certainly are. It is clear today that the entire State has been subjected to this type of crime. The Bill before the House allows for investigations on banking, financial and company irregularities to be conducted in a manner that allows for greater flexibility and power. The speed of investigations will be also potentially increased significantly by the ability provided by the Bill to tackling the swamping of investigators with documentation.

Not only do I welcome a Bill that ends the perception of impunity for the white collar criminal, but I also welcome recent plans by the Minister for Arts, Heritage and the Gaeltacht to move the bankers in Bank of Ireland from their cosy home in College Green. It is a damning indictment of society that a bank has physical ownership of an Irish Parliament that was originally built to serve the people. When the House of a Parliament becomes the boardroom of a bank, we should know our society is in trouble. It is galling that when many people are losing or on the verge oflosing their homes, that the Bank of Ireland should look to keep its home. This institution thrived on selling people fantastic mortgages and encouraged others to leverage everything they had against uncertain assets. It amazes me, therefore, that it would be allowed keep its comfy home. Many of these bankers actively lied to their shareholders and to their customers.

This Bill is important. Those who are involved in financial impropriety ought to be punished and not let off because they feel they occupy some privileged position. On February 25, the people spoke with a voice that toppled a tired and wasted Government, and through this Bill today, one of its lasting legacies of financial corruption properly will be addressed. I commend this Bill to the House because this is a people's, not a bankers', republic.

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