Paul Coghlan (Fine Gael)

I would like to ask the Leader about the Credit Institutions (Financial Support) (Amendment) Bill 2009, which has been on the Order Paper since before the summer recess. We are well aware that this country's legislation on the investigation of corporate conduct is hopelessly inadequate. Disturbing revelations about the conduct of Irish Nationwide Building Society emerged over the summer. The Bill I have mentioned is needed because the Director of Corporate Enforcement has no role in such matters, as we know. I suggest that a full and complete investigation of corporate conduct at Irish Nationwide Building Society is required in the public interest. We are aware that the ongoing investigations into Anglo Irish Bank are covered by the existing legislation. The Credit Institutions (Financial Support) (Amendment) Bill 2009 has been prepared to address the fact that building societies are not covered. The acceptance of the Bill by the Government would represent a signal of its firm resolution and commitment to a new era of corporate governance in Ireland, which is urgently required in the public interest. I ask the Leader to comment on the legislation in question, which I would like to be accepted in Government time at the earliest opportunity.

I do not intend to discuss the other shenanigans at financial institutions. The institution I have mentioned should be a priority. I accept that representatives of the Government have spoken about the possibility of removing certain directors of banking institutions, some of whom are still serving, who steered the ship onto the rocks. I suggest it is more important for people at top management levels within this country's retail banks - those who made the front-line decisions - to be sidelined. Many good officials in banking institutions are ready and willing to serve. These people are having to suffer because of those who made the wrong decisions on retail banking in our recent past. I would like to hear the Leader's opinion on this issue.