Sean Barrett (Independent) | Oireachtas source

I welcome the Leader's decision in regard to the taking of the Companies (Miscellaneous Provisions) Bill. It would have been a shame to have to debate it tomorrow given the number of unanswered questions from last night. I warmly welcome the Leader's intervention during that debate.

Today it was announced that J.P. Morgan has agreed to pay out a record €13 billion settlement after admitting it regularly overstated the quality of mortgages it sold to investors. That is exactly the type of practice we were discussing last night. I see that the New York State Attorney General, Eric Schneiderman, was involved as were Department of Justice officials. Perhaps our diplomats in the United States might report back to the Tánaiste and Minister for Foreign Affairs and Trade on how the authorities in that country managed to secure a much more satisfactory solution than we have done in regard to the conduct of bankers and accountants. The press release from the United States Department of Justice indicates that it started these negotiations, which were concluded yesterday, in September this year. We began to investigate similar matters in this State in September five years ago without, as yet, achieving any results.

The Minister indicated that the Attorney General does not wish to prejudice hearings in the Anglo Irish Bank case. As we know, however, there are questions to be answered in regard to Ernst & Young and the EBS, PricewaterhouseCoopers and Bank of Ireland, and KPMG and AIB, Irish Life and Permanent, Postbank Ireland and the Irish Nationwide Building Society. All of those investigations are on hold.

Another unsatisfactory aspect last night was the refusal of the Minister to answer the simplest questions, such as what the cost savings are in his policy, which I support, of moving this from the High Court to the Circuit Court. Worse than that, his officials advised him that it would be too much work and they did not want to answer the questions. A little more respect for Parliament is required.