Richard Bruton (Dublin Bay North, Fine Gael) | Oireachtas source

The Central Bank has been very clear that the proposals made by the banks are totally inadequate and it has initiated enforcement investigations over some of the behaviour of individual banks. It has made clear that it is engaging with other statutory bodies, including the Garda Síochána, so there is no flinching from pursuing this. Some of the failures occurred before the legislation giving new powers to the Central Bank came in and some of the defects were in the old legislation to which I referred.

The Government will take any steps necessary, legally or by giving the Central Bank additional powers, but one cannot provide powers retrospectively as regards some of these events. The Minister for Finance will be very clear as to the expectations of Government as regards bank behaviour.

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