Sean Barrett (Independent) | Oireachtas source

Indeed, and bankers in general.

The lack of standards in banking is something every member of the Joint Committee on Finance, Public Expenditure and Reform sees every time representatives appear before it. The Government has had to ask the same questions about Newbridge Credit Union this week. The figure amounts to €54 million, as if the taxpayer is a bottomless pit. Who are the accountants in Newbridge?

From the wider perspective, the Government of the day paid a massive price, with one party being reduced from having 82 seats to 19, while the other which had six was left with none, but it was not a question of political responsibility alone; others must bear responsibility. We are with the Minister of State in reposing trust in bodies that they will perform far better than we have seen heretofore.

I support the Minister of State on the issue of electronic filing, referred to in sections 3 and 4. We are wondering about what electronic filing means and the standards that will apply. We have high standards in both Houses of the Oireachtas, but we are often not given credit for this. Politics is held in low esteem. Some of the other people spoken about have done far greater damage to the country and we must regulate them in the interests of wider society.

Do we have enough strength in quality assurance, referred to in the contribution of the Minister of State? Will we expel people from the accountancy profession if we have a recurrence of what happened in the past five or six years? How good is the public oversight body? We have many such bodies captured by the sectors they are supposed to regulate. We need public interest lawyers and economists rather than insiders in determining these matters. The Minister of State has noted the remarks of EU judges that standards in Bermuda, the Cayman Islands, Egypt, Mauritius, New Zealand, Russia and Turkey are not up to what we regard as appropriate. The Minister of State is taking steps to deal with third country auditors. How do Irish accountants compare with those in New Zealand? This goes back to the point on how easily people have been let off the hook.

Section 5 deals with the disclosure of information. Notwithstanding any other law, the Competition Authority, a member of the Garda Síochána, an officer of the Revenue Commissioners, the Irish Takeover Panel or such other authority or other person as may be prescribed may disclose material to the Office of the Director of Corporate Enforcement. Is there a conflict of interest in this regard? Will the Competition Authority state it is trying to promote competition and has a duty to blow the whistle on what it finds? The Revenue Commissioners jealously guard their secrecy. If they are on board, there may be no conflict, but I raise the point that they may not prove to be useful allies in the work the Minister of State is attempting to do.

I welcome the Minister of State and the legislation, which is necessary. It has just been announced in the Dáil that we are exiting the bailout programme. As part of the reform agenda, we must look at some of the other reasons this country got into trouble. Some relate to the bodies to which the Minister of State is giving extra powers. My verdict on their performance heretofore is that they must do better next time.