Michael D'Arcy (Fine Gael) | Oireachtas source

On section 23 and referring back to section 22(1), Senator Barrett has referred to what Members are hearing each morning on "Morning Ireland" regarding the Anglo tapes. However, those tapes are a number of years old and I have been raising an issue with which I am dealing currently regarding people in financial institutions.

Financial institutions are not adhering to what was then the code of conduct for mortgage arrears, and the mortgage arrears resolution process, MARP, is not being put in front of people who may not know about it. I raised this matter on Second Stage. The Minister of State with responsibility for trade and development, Deputy Costello, replied that if MARP is not being progressed through the code of conduct via the Central Bank, which financial institutions are obliged to do, the person who works for the bank can be removed from their role. My view is that this sanction is not sufficiently strong and that if a lending institution does not give somebody the correct MARP in line with the code of conduct, the individual responsible should be fired because it involves somebody's life savings and the largest investment they are ever likely to have, and the individual working for the lending institution is not adhering to an obligation they are obliged to meet. I would like to hear the Minister's view on that. If that information can be provided and it is shown that a person in the employment of the bank knows they are acting incorrectly, they should be sacked.