Michael McGrath (Cork South Central, Fianna Fail) | Oireachtas source

For me, this is not about a witch hunt. It is about having accountability at the top level of our financial institutions. The impact of decisions and behaviours is profound. The Minister referenced the tracker scandal. Approximately 3,000 directly affected customers are yet to receive redress and compensation despite us being almost three years on from the commencement of the investigation. It is their money and they have not got it back, which is a scandal. We need accountability across the financial system, particularly at senior levels where decisions are of such significance for people's lives and the conduct of business and trade in our economy.

The Central Bank report was a good one and we have the recent experience of the UK's introduction of a senior managers accountability framework. It is now a global concept. Hong Kong, Singapore, the US and Australia have made moves in recent years to improve accountability frameworks at senior level across their financial systems. The Minister will have the support of our party in making moves to implement what the Central Bank has called for.

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