Donnchadh Ó Laoghaire (Cork South Central, Sinn Fein) | Oireachtas source

Déanaim comhghairdeachas leis an Teachta Doherty faoin mBille luachmhar agus tábhachtach seo. Tá ceart agus cóir ag baint leis.

This State has never taken white-collar crime seriously enough. This Bill is a step in the right direction and a significant addition to the law. There is much more we need to do, however. What we need in particular is a shift in culture and attitude. People who are responsible for white-collar crimes need to be held criminally responsible. The Bill’s two major provisions will ensure the Central Bank can take action against an individual if the whole institution has not been found guilty of deception. Too often individuals, not only in the Central Bank but in other institutions, have hidden behind the institution. We need to tackle that. We must also ensure those who lie to the Central Bank are guilty of potentially a criminal offence with a penalty of up to five years in jail or a fine of up to €250,000.

One reason we do not take white-collar crime seriously enough is there is a view it is a victimless crime.

If anyone on the street was asked today, however, no one would say that it was victimless. The implications, be they in terms of banking or insurance, for the whole population have been significant. People have lost their homes, we have had to give the banks money over recent years and 33,000 people have had money stolen through the tracker mortgage scandal. We are all paying for the misconduct and failure of the bankers. We must ensure that those who are responsible for wrong-doing on such a scale are held criminally accountable and face the prospect of jail time and significant penalties. This Bill is a step towards that.

We also need to give the victims of banks and similar institutions the tools to take action themselves in a civil manner. I commend the Multi-Party Actions Bill 2017 in that regard. I hope that the Government will also take action. We must ensure that there are real and accessible options for people to take civil actions against banks and financial institutions that have done wrong.

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