Michael Noonan (Limerick City, Fine Gael) | Oireachtas source

I agree with many of the sentiments expressed by the Deputy. The Central Bank is carrying out a full inquiry across the lenders that I have specified. It has already reached agreement on a fine of €4.5 million with one lender, which is not a household name, and it is proceeding now with regard to others. It expects to have made significant progress by mid-2017. I know the Governor informed the Deputy when he asked whether the number of those affected could be as high as 15,000 that it might be, but he also said that he thought that might be a high estimate. However, it certainly will be more than 8,500.

As far as the role of the Minister for Finance is concerned, the Central Bank is independent under statute in the exercise of its functions. Any separate or parallel action by the Minister for Finance would be an interference in the independence of the Central Bank. I share the Deputy's sentiments, however. This was an outrageous situation. It is important to put on the record that the Central Bank has statutory reporting obligations to the Garda Síochána and to other agencies where it suspects a criminal offence may have been committed by a supervised entity. The Central Bank takes these obligations seriously and complies with them on an ongoing basis, as appropriate. However, this would be a matter for the Central Bank and the independent criminal investigation and prosecution authorities. I, as Minister for Finance, would not have any role in the matter.

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