Joe O'Toole (Independent)

My view of the world is that common law is clear about the responsibilities of company directors, a matter about which we had long debates in 2003. It seems any director of a company who acts against the best interests of that company, and the common good in as much as it applies to that company, is in breach of common law. It is also clear, as I understand it, that the compliance obligations on directors stretch very far and that we can pursue them. I ask the Minister to indicate his view on the responsibilities of company directors.

On the issue raised by Senator Quinn, I note that today the British Government has indicated a change of attitude and policy on Northern Rock. It has decided to loosen that bank's purse strings and require it to become involved in lending. That is the point that was being made by Senator Quinn. The last time we discussed the issue we told the Minister repeatedly that we did not see the connection between capitalisation and lending at the bottom end, which has now been well proved.

We have to recognise that the people concerned have caused damage to the country; that, on the one had, there is anxiety and, on the other, a loss to others. Many pensioners, people with small amounts of money, have effectively gone to the wall. We have a responsibility to chase the people concerned. Whoever does it, whether it be the bank, the Government or the accountancy bodies, and whichever way it is done, this must be played to the end game. Those responsible should be brought to book and, if necessary, before the courts. That is the one action people want to see taken. There will never be closure on this issue as long as people can walk free having caused chaos and damage all around them. This is appalling, when one considers that a person can find himself or herself in jail for not paying a bill for a household domestic appliance. People have lost jobs, houses, relationships and pensions. When one thinks of the damage caused to them, the fact that those responsible might never be brought to justice should not be acceptable to any legislature.