John Gilroy (Labour) | Oireachtas source

Senator Sean D. Barrett makes a very good case in regard to transparency or the lack thereof in the financial services sector. We would do well, however, to note that a lack of transparency is not confined to the actors in the financial market. There seems to be a certain lack of transparency within the Central Bank and certainly the Department of Finance. On Committee Stage I referred to the case of an alleged whistleblower in UniCredit Bank who had reported suspected and substantial liquidity ratio breaches in that institution to the Central Bank back in 2007 but no action had been taken. Having spoken to the individual in question more recently, I submitted a freedom of information request to the Department and wrote to the Central Bank. While both were willing to confirm that no action had been taken in this matter, neither would even confirm whether a complaint had been received. When we speak of a lack of transparency, we should be conscious that such failing is not necessarily confined to the financial actors.