Seanad debates

Tuesday, 22 June 2004

Central Bank and Financial Services Authority of Ireland Bill 2003: Committee Stage

 

3:00 pm

Photo of Maurice CumminsMaurice Cummins (Fine Gael)

I move amendment No. 2:

In page 17, line 43, to delete "€5,000,000, or" and insert the following:

"either—

(i) €5,000,000, or

(ii) a sum equal to the amount involved in the financial impropriety, whichever is the greater,

or".

This amendment proposes to insert either €5,000,000 or a sum equal to the amount involved in the financial impropriety, whichever is the greater. It is a sensible amendment and I hope the Minister of State will accept it. It is preferable to setting a figure in stone. It should include the sum or whichever is the greater. The penalty should fit the crime at all times.

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