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

The Central Bank has strong powers. The committee of the House invited the Governor of the Central Bank to attend one of its meetings and I understand the Governor had a good exchange with Deputy Doherty on 19 December. From reports in the media, that seemed to have been a satisfactory meeting.

My information from the Central Bank is that, based on current progress, it anticipates that relevant lenders will have been identified and engagement commenced with impacted customers by mid-2017, with payment of redress and compensation, processing and consideration of any appeals and the Central Bank's own assurance work continuing beyond this point for some lenders. The Central Bank therefore expects to see more lenders engaging with impacted customers over the next few months. It states that it was mid-2015 when it extended its inquiry and realised the seriousness of events and that it is proceeding with all expedition to sort it out.

If, as the Deputies stated, there are up to 15,000 individual customers, it will take a pretty long time to sort it out. However, it is being sorted out. We will see what conclusion the Central Bank reaches and whether it exercises its powers to refer this to the Garda Síochána. However, that is a matter for the Central Bank, which does not lack power. We always have an argument about people not having sufficient power. The Central Bank has plenty of power. The power is there and it is using it.

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