Róisín Shortall (Dublin North West, Social Democrats) | Oireachtas source

Given the appalling behaviour of some of our banks and stockbrokers over the past week or so, we really need more time to deal with this discussion. It is not acceptable that our time is cut so short. There needs to be a huge amount more consideration, examination and questioning of these matters. Most people have been saying to themselves over the past few days, "Here we go again." We have had a clear demonstration that there is one law for our financial institutions and another law for everybody else. People feel very strongly that where there is wrongdoing like this, there must be consequences.

Yet again we see that there are not serious consequences. This amounts to white-collar crime. That is what we are talking about in the main in respect of stockbrokers. The rule of there needing to be consequences for crime applies especially to white-collar crime. That is why the Social Democrats has long called for an independent anti-corruption agency to deal with the kind of activity in Davy which has come to light in recent days. Davy, of course, has form in this regard. The firm was involved in the sale of Siteserv. We should not be too surprised over what has emerged in recent days.

I am concentrating my remarks on Davy and posing six questions to the Minster. I call on the Minister to answer those questions this evening if he can and I urge him to send a note if he is not in a position to provide all the replies. What happened to the money that was made from the transaction involved? Can the Minister let us know what happened to that? In The Irish Timestoday five of the principals concerned in this grubby affair were named but we know 16 individuals are concerned. Is it the intention to name all 16 publicly? Would the Minister accept that the rest of the staff - the majority of the staff in Davy - deserve for this to happen so that they are not covered by the questions that arise in respect of who exactly is guilty for this wrongdoing? What in the Minister's view is the appropriate action now for the NTMA to take, considering that Davy is the only Irish-owned primary dealer of Irish bonds? What should the NTMA do in respect of its involvement with Davy in light of the appalling behaviour and breach of trust by Davy? A number of senior Davy staff, including the chief executive, are what are known as pre-approved controlled functions staff. They have to be authorised by the Central Bank to fulfil that role. Is the Central Bank satisfied that all of the pre-approved controlled functions personnel in Davy continue to satisfy the bank's fit and proper standards? I am especially interested to hear the answer to that question either today or as soon as possible. Did the activity that the Davy 16 engaged in constitute criminal activity in 2014? Does that activity currently constitute criminal activity? Davy runs the Irish Stock Exchange. Is the Minister for Finance happy for that situation to continue?

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