Joe O'Toole (Independent)

While I hold no brief for the directors of the AIB, I wish to distance myself from the comments made by Senator Leyden about them. The case of the AIB is an interesting example. Senator Leyden is incorrect in saying the directors of AIB would go to jail or would be held criminally responsible if the same thing were to happen under this legislation. When the board of directors became aware of what had happened in the bank they immediately made a public statement and took responsibility. Mr. Michael Buckley tendered his resignation to the board and it was refused. As far as I know, Mr. Lochlann Quinn did so also. The directors handled the matter in the way responsible directors should and in the way we are trying to ensure such matters will be handled under this legislation.