Seanad debates

Thursday, 27 June 2013

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

 

3:20 pm

Photo of Sean BarrettSean Barrett (Independent) | Oireachtas source

I thank the Minister. I accept what he says but as a Member of the House, I think the citizens might like to hear the odd noise out of the Irish Auditing and Accounting Supervisory Authority. It seemed to be remarkably silent at a period when such damage had been done to the country. That was the purpose of the amendment. If the authority is lax or slow in discharging its duties, we might need to look at giving responsibility to the Central Bank which dealt with banking, insurance and credit unions. I see one regulatory authority implementing the kind of energy and reforms the Minister and I like and nothing from the other one. I accept the Minister's point but if somebody could send the authority the present of an alarm clock, it would be helpful. Many small accountants throughout the country also wonder what it does. The so-called big four prepared accounts which turned out to be fictional and no one said anything. It is akin to what the Minister is dealing with in respect of bankers regarding who is on the board and what they were doing. They were remarkably silent and the same vow of silence seemed to apply to this body. If it has anything to say, I would love to read it in the newspaper tomorrow or the next day. I accept the Minister's statement and his bona fides but I am beginning to doubt whether this authority even exists at this stage.

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