Kieran O'Donnell (Fine Gael) | Oireachtas source

I thank the Minister of State for coming before the House and I welcome this amending legislation.

The Minister of State referred to whole-of-life policies and the fact that the ombudsman will be able to investigate complaints relating to them. Prior to becoming Minister of State, Deputy D'Arcy was a pioneer in this area. I know a man who contributed to a whole-of-life policy and who, coming into his 80s, was told he had put more money into the policy than the actual value of the policy. He was also informed that if he did not continue to pay exorbitant premiums, the policy would go. That needs to be looked at and it is welcome that the individual to whom I refer can now go to the Financial Services and Pensions Ombudsman.

The Minister of State also referred to improving transparency for the financial markets and establishing the principle of transparency for non-equity instruments such as bonds and derivatives. Prior to the crash, financial stability reports published by the Central Bank referred to products being invested in derivatives. In many cases, those derivatives were sub-prime bonds, loans and mortgages invested in the UK and, in particular, in the US that were bundled. I welcome this transparency for which provision is made in the Bill.

Could the Minister of State indicate which financial institutions will be required to make information available for inclusion on the central credit register? The latter falls into the same bracket as the insurance register in the context of examining claims and so forth. Who will be responsible for maintaining the database relating to the central credit register? Who will own it? Who will have access to it? How long before it will be put in place? Will it include details on all financial instruments? Will it be accessible to members of the public? This is a great innovation but I would like information on the practicalities involved.

The main thrust of the Bill relates to criminal sanctions. Those sanctions are welcome. The Bill is a further step in tackling the kind of white-collar crime which, to date, has been overlooked. There is a massive contradiction in someone who steals a loaf of bread from a supermarket being deemed to be guilty of more criminal intent than an individual who steals from the pension funds of hard-pressed people. The first person may be stealing the loaf of bread to feed his or her family. In terms of scale, the individual stealing from the pension fund could not be accused of doing likewise. I always look for equity. If someone steals something, regardless of whether it is a large or small item, he or she should be held accountable. However, in the context of scale, there has clearly been a need to take action in respect of white-collar crime. I welcome the further strengthening of the measures which are already in place and which were introduced by this Government and that which preceded it.

I again thank the Minister of State for attending and I commend the Bill to the House.