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Snippet Contents:

They say they think it is important that the House is reassured that the Central Bank has significant powers to sanction regulated financial service providers and their senior managers for the provision of false and misleading information. That is not true. In the Governor's letter of two and a half years ago, he says this offence can only take place where the information is given in response specifically to a legally binding request. He goes on to say most of the interaction between the Central Bank and regulated entities and their staff was of a different nature and that for all other incidents of interaction, both formal and informal, there are at present no consequences for the individuals or entities where they provide false or misleading information. He says this lacuna should be corrected; why, therefore, does the Minister of State give false information on the floor of the Dáil? He is trying to pretend this is not a serious issue but they are lying to us. They have lied over and over again and the Governor says this in his letter, but the Minister of State says that, while he supports this legislation in principle, he does not want it to go any further.
The Government thinks our legislation goes too far and may impinge on the rights of the bankers who are lying through their teeth. The Government may avoid a vote but this will go to committee and it needs to go further as we need to get real. We need real action on behalf of all the victims. I ask the Minister of State to reconsider his position and not to put out wrong information to suggest the situation is not as serious as it is. There is a major lacuna in the law, but we found out about it not because the Government was upfront and told us, or because the Central Bank told us but because, after two different freedom of information requests, we found the secret correspondence between the former Minister and the former Governor. That correspondence pointed out that bankers were lying to them, but they could do nothing about it.