Joe O'Toole (Independent)

I support Senator Regan's recommendation. In its report for 2000 the Committee of Public Accounts discovered there was a problem with the relay of information from different groups. The legislation at the time was interpreted to mean that the Central Bank could not share information with the Revenue Commissioners and that the Revenue Commissioners could not share it with the Garda. When I chaired the Government audit review group in 2002, we asked for changes that would allow such information to be shared. The matter was dealt with in the Companies Act 2003, by way of a section dealing with confidentiality. While that legislation allows sharing to take place between the bodies mentioned, it also neutralises it by putting in place a requirement for confidentiality. This deals with professional bodies - I presume we are talking about the accountancy bodies. As I am a member of the board of the Irish Audit and Accounting Supervisory Authority, I have an interest in the matter.

An issue that arises is that in the investigation into Anglo Irish Bank there may well be information in the Revenue Commissioners that would be useful to the Director of Corporate Enforcement or the professional body or both. I recognise that we must deal with the matter as we find it, but the point raised by Senator Regan is crucial; such a licence must be controlled. If we are to have it, it should be done by someone of senior rank. Ten minutes ago the Minister of State indicated the previous measure which we opposed would only be operated by someone at principal officer or assistant principal officer level in the Revenue Commissioners. It is to get the same assurance that the issue is being raised and that is why I support Senator Regan. We all agree there should be a flow of information; in this instance we are saying how it should happen and seeking to apply what the Minister of State said ten minutes ago, that it would be done by someone at principal officer or assistant principal officer level.