Michael McGrath (Cork South Central, Fianna Fail) | Oireachtas source

I thank the Tánaiste for his reply, which I largely welcome. I was clear that my comments were not directed in any way at the current investigations. The Tánaiste is correct in saying there is already a substantial body of law in place. Investigations are under way and offences will have to be dealt with through the criminal justice system. That is taken as a given. The issue I raise follows on from the significant intervention by the outgoing Financial Regulator, Matthew Elderfield, who has a lot of experience of dealing with this in Ireland in recent years, and he has pointed to the inadequacies of our existing system.

I welcome that the Tánaiste will take up the issue and I ask him to elaborate on that. How will that happen? Will this issue be discussed by Government, and will a structure be put in place whereby the entire regime, in all its facets, can be examined properly and quickly and recommendations made that the Government and this House can consider? As I said earlier, the bottom line is that white collar crimes are not victimless crimes by any means. They might not be as obvious to the eye as some of the ordinary crimes the Tánaiste described but there are real consequences for ordinary people and for people directed by white collar crimes, and we must bear that in mind. If our system is inadequate, as in the view of the outgoing Financial Regulator and Deputy Governor of the Central Bank, we need to sit up and take notice of that. Will this issue be discussed by Government quickly and in what format? What does the Tánaiste envisage will be the outcome of that discussion? Will it be to have a specific review of all the aspects we have discussed here this morning?

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