Eamon Gilmore (Dún Laoghaire, Labour)

I thank Deputy Ross for bringing me good news from Frankfurt. There has been a lot of good news from Frankfurt since the Government took office, including the significant reductions in the interest rate that we have been able to negotiate.

I thank Deputy Ross for drawing my attention to that.

I also agree with him in respect of the performance of auditors. There are questions to be asked about their performance, particularly in some of the financial institutions where accounts were signed off by firms of auditors, particularly over the last couple of years when we have seen some of the extraordinary transactions in and between banks and financial institutions.

I agree there is an unhealthy concentration of business among a small number of auditing and accounting companies and that must be looked at. The present Government, however, relies less and less on consultancy work being done for it by various financial companies.

See this speech in context