Paschal Donohoe (Dublin Central, Fine Gael) | Oireachtas source

The code of conduct is currently being reviewed by the Central Bank. Under the powers available to me under the Central Bank Act, I asked that it conduct a review regarding the operation and effectiveness of the code of conduct as it currently stands. I am aware of potential change that could happen in the future and I want to make sure we are striking the right balance between our citizens, the taxpayer and the banks.

I do not need Deputy Burton to explain to me the consequences of this and the worry that people feel. I have articulated this since the moment I was required to comment on the issue. I know the responsibilities that I have. In terms of responsibilities, I want to return to a point I made earlier when answering a question from Deputy Pearse Doherty. I remind the Deputies, although they will be aware of it, that we are talking about a bank that has a million customers. It currently holds €21 billion of mortgage loans and €17 billion worth of deposits, and employs 2,500 people. After a number of years in which we have seen significant growth that has improved the balance sheets of banks and has helped our citizens cope with the great difficulty that they were under, having gone through all of that, this is a bank that still has non-performing loans which are five times the European average. If not dealt with, that will have consequences for the bank for which in turn the Deputies will hold me accountable.

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