Mick Wallace (Wexford, Independent)

Dealing with white collar crime is an important initiative and the Government will impress if it is serious in dealing with this issue. There is no doubt that our mind set in this area needs to change.

The Irish Criminal Bar Association conference on white collar crime highlighted the range of legislative and regulatory measures already in place. Speakers at the conference maintained that the problem lies not so much in the inadequacy of legislation or regulatory schemes but in the lack of enforcement and resources. Will the Government make the necessary investment in resources and will it follow up with punishment to fit the crimes? State authorities must be funded because, God knows, the guys they will pursue are well resourced. The Garda has indicated that the bureau of fraud investigation is stretched to the limit and the Director of Corporate Enforcement is understaffed. If we are serious about this issue, we will have to provide the necessary resources.

White collar crime may not involve physical violence but it involves violence of another kind. Decisions made by high financiers often lead to severe hardships for thousands of people. Last night I watched a documentary by Mr. Adam Curtis which examined the Asian crisis of the late 1990s. It was amazing to compare that crisis with our current situation. Mr. Curtis demonstrated how the less well off in Thailand, Indonesia and South Korea were made to pay so that investors got their money back. We could be forgiven for being reminded of the events unfolding here.

As the Bill applies to consumer protection offences, it is relevant to raise the issue of home repossession. Since the advent of the downturn, more than 600 residences have been repossessed. It is possible that the rights of consumers, in terms of homeowners in mortgage arrears, have been violated by financial institutions applying to the courts for repossession orders. I thank Ms Golda Hession of the Library and Research Service for research on this matter. The legal advocacy group, New Beginning, is waiting for a decision from the High Court on the legality of house repossessions that were enforced on the basis of legislation that is no longer on the statute book. Section 62 of the Registration of Title Act 1964 was repealed by the Land and Conveyancing Law Reform Act 2009 but lenders continue to use this section to apply to the courts for repossession orders.

There is need for clarification on whether it is legal for financial institutions to use this section regarding claims made after 2009 in respect of mortgages created before 2009. Consumer protection offences certainly fall under the category of white collar crime.

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