Paul Coghlan (Fine Gael)

We all wish to see matters coming right quickly in the banking sector. What say, if any, did the Government have on the appointment of the new man in the Bank of Ireland? We were given to understand that through the appointment of the public interest directors, of which there are two with others to be appointed, we would have a say in this. The problem is the growth of the wonky loan books they have. Here we have the man who directed the growth of that loan book within that institution being appointed to the top job. I have no doubt he is an excellent banker but what kind of signal are we sending out?

The Financial Regulator has discovered the breach of market abuse regulations at Anglo Irish Bank. Surely this could have been discovered, and perhaps was discovered, by that office prior to now. What did they do and when did they know? This has not been revealed. Here we have the Financial Regulator seeming to arrive at the scene of the crime, breathless so to speak, after all the main players are off the pitch. Is this a ruse or a distraction designed to serve some other purpose?

Will the Leader confirm to the House whether the powers of the Office of the Director of Corporate Enforcement are wide enough to investigate all financial institutions? Specifically, I have in mind building societies because of the concealment that went on with regard to Irish Nationwide and how it provided assistance and temporary cover for massive loans to keep them off audited accounts. The Director of Corporate Enforcement is doing an excellent job and I hope he has enough staff, which was a problem in the past. I have the utmost faith and confidence in the office however I do not think it has the power in law to go near a building society.

I agree with the comments and sentiments of all other Senators with regard to the picket outside the gate. We are in here to do our job honestly and honourably and this is what we are doing. I have total sympathy for them also because the Government could not have meant to hit — I hope it did not and that it will be tweaked — people on salaries as low as some of those people are on.