Louise O'Reilly (Dublin Fingal, Sinn Fein) | Oireachtas source

I join Deputies in commending my colleague, Deputy Doherty, on bringing forward this important Bill. Crime of any sort is a scourge but white-collar crime in particular is incredibly damaging and galling for a large number of reasons. The apathy shone by successive Governments and politicians towards tackling white-collar crime is somewhat breathtaking. A cursory look at the past ten years in the State reveals the remnants of the fallout from the criminal and negligent activities by bankers, watched on, and sometimes even encouraged, by culpable politicians.

What was the response? The bankers acted like they had the Ministers in their pockets. Many continued their web of lies to the Central Bank and to the public. Instead of lies and criminality being punished, the Government at the time decided to socialise the private banking debt racked up by property speculators. They also pushed the lie that we all partied. This was one of the most awful lies uttered at the time. I well remember hearing the phrase quoted back to me by hard-working, low-paid civil and public servants who were disgusted by the remark. It was somehow an effort to declare collective responsibility and link us all to the crime. If everyone was at it, then everyone was equally responsible. Then, of course, nothing can be done.

Rather than holding to account those who lied and operated recklessly, the then Government punished the people. The same has happened with the tracker mortgage crisis. While the Government watched on, up to 33,000 families have had money stolen from them by banks and up to 100 have lost their homes. Countless numbers have suffered hardships and lives have been wrecked because of it. However, no banker will ever be held responsible under the current system.

People are not vindictive. They want truth, justice and some fairness. That is what this Bill is about. It is about tackling white-collar crime and, specifically, putting in place jail sentences for bankers and others who lied to the Central Bank. Individuals should be held responsible for their actions. There is a reckless culture in our banking sector which can and must be reined in.

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