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

I do not regard voluntary compliance with the code as a solution because it is simply unenforceable, which is the fundamental weakness. Who will police voluntary compliance if an issue arises? The answer is that nobody will. We will have two standards of a code, one that is statute-based, enforced and policed by the Central Bank and another that is entirely voluntary. That is not a solution. I know the Minister has a concern about being sued if he issues a direction order now when the sales process is under way. However, we could pass legislation - it does not even need to be Government legislation - to deal with the issue. The Government is far less likely to be sued if legislation that originates from the Opposition benches is passed by it. It would have to be implemented and enforced. I do not believe it could be sued in that scenario.

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