Sean Barrett (Independent) | Oireachtas source

I thank the Minister of State for his response. We are ad idem on this. In response to these appalling bank crises and flops in the country, let us consider what was the reaction to the first crisis. It was that banks shall not buy insurance companies, or certainly not the one that bought an insurance company in London. We took action against the illegal offshore accounts and the pensions in the Caribbean for bank executives. All of this happened in one bank. There was an array of policy responses to the people who bankrupted the country. For Ireland's credibility internationally, we protected the whistleblower. However, what about the rest of us? Are we protecting society from this kind of conduct, which we all agree has been appalling?

I might have tackled the problem in a different way but I share the goal of the Minister of State. My concern is that it is not locked away in subsection 56. When the Minister of State goes to European meetings, he can say that it is in our report that we took certain measures. It is in section 38 and presumably it can be announced in reply to parliamentary questions in the Dáil. We might have been ripped off on the first occasion but we took measures to ensure it does not happen again. Everyone who lends money to the country will want to know what we did in response to the people who wasted it previously. It is important the Seanad has received from the Minister of State a strong undertaking that we cannot keep doing this and that we will take measures to prevent a recurrence. That is what the Minister of State said and it is what I am seeking. I will not press the amendment but I thank the Cathaoirleach for his forbearance. This is important because otherwise banks will shrug their shoulders and continue on as before. Many people in the House and in the country are wondering when the banks will reform. They seem to be wonderfully oblivious to the harm they have done and that is what has annoyed people about the tapes.