Stephen Donnelly (Wicklow, Independent)

I commend Deputy Michael McGrath for introducing this much needed Bill. It is good to see a rare episode of cross-party co-operation in the Government's acceptance of the legislation. This Bill is about the power to name and shame, at the heart of which is transparency in how we run the country and conduct our affairs.

If there is one lesson to be learned from the events of last week it is that transparency must be at the heart of everything we do, whether in central government, local government or the various State institutions and the Civil Service. The Mahon tribunal report revealed that a lack of transparency allowed politicians to act as bagmen and to take bribes while pretending they were political donations. The conclusion I took from the report is that we must make politics, and the money in politics, transparent. Money is required for politics but there is an obligation on us, as politicians, to let the public know the source of our funding.

Earlier today the Governor of the Central Bank, Professor Honohan, discussed the issue of promissory notes with the Joint Committee on Finance, Public Expenditure and Reform. Until recently the promissory notes were shrouded in secrecy. Letters written by the President of the European Central Bank have been seen by the Governor and the Minister for Finance but the Government is refusing to share them with the joint committee or the public. Of particular interest is the correspondence that would reveal the level of pressure put on the State to pay back unguaranteed bond holders.

The promissory notes and the bank guarantee are probably the most expensive lesson in history on the need for transparency. We still do not know what happened that famous night. There was no Cabinet decision and a decision was made in the middle of the night by two - I imagine - extremely stressed and tired men.

The Bill deals with a more immediate manifestation of transparency. It gives the Financial Services Ombudsman the right to name and shame repeat abusers among the financial service industry. I am sure every Deputy in the House, and I imagine every Senator, is dealing with a growing list of credible cases from small businesspeople, home owners and people with personal debts in which there is no question that some financial institutions are acting in an utterly reprehensible manner. I do not know if it is illegal but some of the things that are going on are absolutely outrageous. We know that the current ombudsman and the previous one have repeatedly called for the ability to name and shame. It is fantastic that the Government has taken on Deputy Michael McGrath's Bill.

The Financial Services Ombudsman has informed us several about repeat offenders. They come in, pay their fines and walk away in the knowledge that they are anonymous and protected. Naming the senior managers in these organisations matters. It matters to them on the golf course and at their dinner parties that they are named by the Financial Services Ombudsman.

Not many institutions are trusted less than politicians, but financial institutions are - sadly only by a small amount. Recent surveys indicate that the banks are the least trusted institutions by their own people of any institution on earth. The Irish people trust the Irish financial institutions less than any other people on earth trust any institution in their country. That is a staggering find. Trust in the Government is low at 35%. Only 10% believe that the Government is listening to the citizens' needs, but only 9% of the general public trust Irish banks. The Bill can help rebuild that trust. How we carry on in coming months and I hope the changes we make will help rebuild the trust in politics. I commend the Bill.

Debate adjourned.

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