Sean Barrett (Independent) | Oireachtas source

I move amendment No. 1:

In page 33, between lines 9 and 10, to insert the following: "(4) The Bank shall publish in its Annual Report a statement of the reforms undertaken by bodies in respect of which reports of breaches were made.".

I welcome back to the House the Minister of State, Deputy Brian Hayes.

As the Cathaoirleach will be aware, we discussed here on the last occasion that this is a serious problem in Ireland, more serious than in any other country that we have come across except, perhaps, Iceland. The view from these benches was that whatever assistance the Minister needs to strengthen the regulation of banks would have our support. I did not recall any pro-banker party emerging in the Seanad or, indeed, anywhere else, particularly since the tapes became public.

On a serious national issue, we must control this sector because of the vast amount of damage which it has done to this economy. We all came here after the last election to assist the Taoiseach and his Ministers in getting the country out of a dark place and we have known which sector bears the bulk of the responsibilities for that.

The content of the Anglo tapes did not come as much of a surprise. I share the disgust of the President, Chancellor Merkel and others about it. On page 237 of Mr. Simon Carswell's book, Anglo Republic, one will see an interview given to Mr. David McWilliams by Mr. Seán FitzPatrick. It states:

[FitzPatrick] came closer, squeezed my arm and practically hissed between clinched teeth---