Ivana Bacik (Independent) | Oireachtas source

Like all of us, I am sure, I also look forward to the publication today of the report of the Joint Committee of Inquiry into the Banking Crisis. I know we will have an opportunity to debate it tomorrow. Many colleagues will be looking at the process of conducting the inquiry and recommendations that apparently will be in the report as to how the legislation could be improved to ensure the processes are more efficient and streamlined. I commend the four Senators on the committee of inquiry along with their colleagues in the Dáil on all their hard work. Preliminary reports indicate that it is very critical of the ECB, the Financial Regulator and the Central Bank. We will have time to debate that tomorrow.

I hope we will debate not only what led to this banking crash, but also mechanisms to ensure that a crash of this sort does not happen again, looking in particular at the linkage between regulatory law and criminal law. Perhaps not enough attention is paid to that. I am conscious that the Law Reform Commission is currently seeking submissions on the issue with a view to the possibility of introducing new criminal offences, such as that introduced in the UK in 2013, the offence of recklessness leading to a decision causing a bank to fail, and such as the practice of deferred prosecution agreements in the US whereby co-operation of individuals working in banking is sought and obtained in return for an agreement to defer any prosecution.

We also need to consider the possible prosecution of a crime of financial treason, which was suggested by some Labour Party colleagues at the time of the crash. This issue should be explored along with the text and recommendations of the banking inquiry report.

I remind colleagues that Senator Cahill is hosting an event in Buswell's Hotel at 1 o'clock today to which all are invited. It is a briefing from three organisations working on the front line of supporting victims of sexual abuse and domestic violence. They are the Dublin Rape Crisis Centre, One in Four and Women's Aid.

I commend Senator Noone who yesterday on the Commencement raised the issue of a no-fry zone. This is an issue that is getting a great deal of support, particularly from parents. It seeks new planning regulations to ensure that chip shops cannot be located within 500 m of a school. This is part of a drive for healthier living and healthier eating among children in order to tackle the very worrying levels of obesity. I commend the Senator on raising it and lend my support to the many parents' groups supporting the no-fry zone campaign.