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

I thank the Deputy. I have also considered how Holland has been implementing the regime in question.

Regarding redress and compensation, a total of €580 million had been provided to impacted customers up to the end of August. That amount was their money and it required a large amount of effort from the Central Bank to get to this point.

As to sanctions to date and as the Deputy will be aware, there have been six criminal prosecutions in respect of banking matters, defrauding the Revenue Commissioners, fraud and deception. The Deputy acknowledged the work of the Central Bank. We have a strong enforcement regime reflecting the difficulties of our recent past. On the back of what is a very reflective report from the Central Bank, one that deserves the time we have given to its consideration, I will work with the Deputy, the rest of the Oireachtas and the Central Bank to consider how to progress that into an effective legal regime. There is a need in this respect, which was the point I made earlier today.

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