The Government is not soft on corporate crime and financial watchdogs will pursue those who break the law, the Taoiseach insisted today.
Labour claimed in the Dáil that Ireland must follow the example of other countries like the US which prosecute and jail executives who break the law.
Referring to the secret loans fiasco at Anglo Irish Bank, Labour leader Eamon Gilmore said people must be held accountable for actions which led to the bank’s nationalisation earlier this month.
Former Anglo Irish chairman Sean FitzPatrick, who admitted hiding more than €87 million in loans, has been invited before an Oireachtas Committee in Leinster House on February 17th.
Mr Cowen also told the Dáil that the Financial Regulator may further investigate into Co Fermanagh billionaire Sean Quinn’s share dealings with Anglo Irish Bank.
The Taoiseach insisted that the full rigours of the law would be applied following investigations into the banking sector.
“The House can take it that any significant corporate governance issue that comes to light will be investigated by the appropriate authorities.”
A spokeswoman for the Financial Regulator said it launched an investigation into Anglo Irish Bank on January 9th when it completed an internal review into how it handled information about the secret loans.
“The investigation is expected to be concluded in coming weeks,” the spokeswoman added.
The Office of the Director of Corporate Enforcement is also continuing its inquiry which a spokesman said was focused on issues surrounding compliance with company law.
Mr Gilmore said in the Dáil that it was unacceptable that rogue bankers “can simply walk off into the sunset without being called to account for what happened.” He added: “If there has been wrongdoing, if crimes have been committed, then they must be investigated and identified.”
He told the Taoiseach: “The kind of soft glove treatment that you appear to be giving to it is not good enough.” He added: “We do see in other countries that wrongdoing is outed and illegalities punished, people who have engaged in wrongful activities and are accused of illegal activities are arrested, are in custody, and in some cases awaiting trial.”
He repeated his party’s call for a High Court inspector to investigate activities at Anglo Irish Bank.
Mr Quinn issued a statement yesterday that confirmed members of his family acquired a 15 per cent stake in Anglo Irish last July.
He added that the Financial Regulator was always aware of this investment.
The Oireachtas Committee on Economic Regulatory Affairs has invited Mr FitzPatrick, Anglo Irish Bank’s new chairman Donal O’Connor and auditors Ernst & Young to public hearings next month.
The Committee on Finance and the Public Service said it will decide today if it will call more witnesses in relation to its investigations into the banking sector.
PA