Michael Noonan (Limerick City, Fine Gael)

The banks are being held to account by the Department of Finance. The regulator of the banks is the Central Bank which applies the rules.

Reference was made to the people who caused the problem still being in position. There were about 80 senior people, between directors and senior management, on the infamous night of the guarantee in 2008 and now there are only two left. We have moved everybody out. One of the people who has left has already handed in his letter of resignation. One of the people Senator MacSharry referred to will stay on because he has been endorsed by the regulator as a suitable person to hold his position but, more importantly, he has the support of the private shareholders who are the main investors in the bank. More than 70 of them have moved on. Therefore, it is not true to say that the people who caused the problem are still in position, all drawing salaries and that everything is moving on.

I remind the Senator that my predecessor, the late Brian Lenihan, put public interest directors into the banks and I hope they are looking after the public interest. The Senator would personally know at least one of them. He could have a conversation with him-----