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Snippet Contents:

We read last month about the proposals made by the Central Bank in response to the Law Reform Commission's consultation paper. It begs the question whether the proposals from the Central Bank come as a surprise to the Government. The Government has always said that if the Central Bank wants more powers, it would give it more powers. The Central Bank has now called for more powers. It made a formal submission to the Law Reform Commission seeking more powers and published its submission to the consultation phase. The call came on foot of what the Central Bank termed the egregious recklessness by heads of banks, insurers and other financial firms and for that to become a criminal offence in the event of a company's failure. Was that news to the Government?
I will hand over to my colleagues now. The response of the Minister of State, Deputy D'Arcy, refers to quarter 3, quarter 4 and the fact that legislative proposals will come. It does not fill me with any confidence that there will be actual, tangible action to deal with these issues. This is a priority. The public, rightly, does not believe that white-collar crime is dealt with in the same way as other forms of crime. That needs to change. The Minister of State will find support from my party in respect of changes that are brought forward and we will support this Bill right the way through to enactment.