Seanad debates

Thursday, 27 June 2013

Central Bank (Supervision and Enforcement) Bill 2011: Committee Stage

 

11:30 am

Photo of Sean BarrettSean Barrett (Independent) | Oireachtas source

Is there a role for the Ombudsman in this? I believe corporate Ireland will penalise the whistleblower regardless of the protections we insert here. That is the human rights part of it. The record is that the whistleblower's career would take a different path if he or she stays quiet. As the song goes, "Whatever you say, say nothing", and we need this to happen.

What about the organisation complained of? With the ICI affair and the offshore deposits affair, it seems that there are a load of serial offenders here and some record somewhere that these were reported, involving the name of the institution and corrective measures. I am concerned that the Minister's successors and successors in the Seanad - as I am sure there will be - will be investigating the same kinds of things because there is a record of this from 1987 to today. We need to know what was done about it. If the whistleblower is right we will try to protect him or her - I would like a bit more protection. However, did they do anything? The purpose is to get the reforms. My confidence in the Irish banks is as low as the public's and I am afraid that they will not carry out the reforms and that was the purpose.

What is not recorded does not get done I suppose. If we have an index indicating that a particular bank has done this for the 89th time, perhaps some kind of shame - Lord between us and all harm - might enter the sector and they might do something. These are people who treated their own shareholders with contempt. In theory the shareholders could have voted out the board and one man started to throw eggs and so on. The normal checks and balances do not seem to operate here. We need to send a very strong message from the Oireachtas that we want abuses corrected with far more alacrity than we have had up to now. I am not so sure that the corporate culture in Irish banking has changed at all and several Senators have said so on the Order of Business.

Perhaps the Minister could consider introducing a Report Stage amendment to provide for a scorecard. This sector has been a disaster for the country and we want to see evidence of much better performance, including by people who in many cases for patriotic motivation want to help this country. It is a pity they were not around ten years ago to give the authorities assistance. I would like to think of it having an impact, but I begin to despair that it ever does. I will not press the amendment but perhaps the Minister might come back to the issue on Report Stage. If there are a lot of black marks against somebody in banking, what is to be done about it? I will reflect on it and see if it can be framed another way.

I believe the protection for the person doing the whistleblowing is stronger and perhaps a link to the Ombudsman, to vindicate their human rights, may be worthwhile. Whether the people complain or take any notice of anyone these days is a concern.

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