Pearse Doherty (Donegal, Sinn Fein) | Oireachtas source

If the legislation exists, why would the Government introduce new legislation? The reality is the legislation is not robust enough. The Minister knows, I know, and he should not make a fool of the public, that the reality is the Central Bank cannot go after an individual until the firm in question has been found guilty. How does the Minister know this? His predecessor, another Fine Gael Minister, Michael Noonan, got a letter from the Central Bank Governor in 2015, six years ago, saying there was a lacuna or hole in the law that allows senior people to lie to the Central Bank without any reproach because the firm has to be found guilty first. In that case it was the insurance industry. This is why in the case of Ulster Bank individuals cannot be held accountable until the examination finishes. We know Ulster Bank is winding up its operations.

The Minister gave a commitment two years ago that this Bill would be published. Before that he gave other commitments and he has given commitments since. We still do not have legislation to hold senior bankers to account. There is not one party in this House, including the Minister's party, that believes the legislation is not warranted. The Central Bank has sought it for nearly four years and it is in place in Britain. The problem is the Minister's party and Government have not prioritised it. Is that not the fact?

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