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

The bottom line is that the sanctions available to the Central Bank are not strong enough. That is the issue we need to deal with. The banks are not afraid of the possible sanctions that the Central Bank can impose. It is a function of this House and of the Executive to bring forward proposals to deal with that. Since 2010 the Central Bank has been trying to deal with this issue. Customers, who should be protected, have been utterly frustrated at having to go through the internal system within the banks, the Financial Services Ombudsman, the Central Bank's consumer protection division and the High Court.

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