Seanad debates

Wednesday, 29 June 2011

11:00 am

Photo of Paul CoghlanPaul Coghlan (Fine Gael)

-----seeing that it has been mentioned, I am sure the House accepts that due diligence is in place on all acquirers, who cannot sell in trust. We understand the law. Let us look forward to the Bill, I will leave it at that.

I wish to ask the Leader about a separate, slightly related subject. The question of trust and confidence in the banking system is so important now that the State's stake is so vast, for instance, it is 93% in AIB. In these circumstances the paucity of public interest directors guarding the State's interest in these financial institutions is an important matter that needs to be addressed. In AIB there are only three public interest directors for a 93% stake. That does not ring true nor does it reflect the situation that should exist. None of those responsible for this situation should still be in place. They should all be well off the stage by now. I would ask the Leader about the matter, as he has agreed to give us a debate on banking. I want to repeat my call for that debate and hear the Leader further on it.

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