Minister says company law reform on way

The Government will introduce further legislation on company law, the Minister for Enterprise, Trade and Employment said.

Mr Martin said that the Government had set up an investigation into National Irish Bank (NIB) on foot of some good work undertaken by RTÉ. "The Tánaiste took resolute action in establishing this comprehensive investigation, and it has produced significant results. It is now a matter for due process, and politicians and Departments are not the correct vehicle for prosecuting breaches of the law," Mr Martin said.

He was replying to the Labour spokesman on enterprise and employment, Mr Brendan Howlin, who noted that the general secretary of the Irish Bank Officials' Association had said there was something rotten at the core of banking in Ireland. He asked if Mr Martin had a response to that statement.

"Is the Minister saying he is content that all that can be done to bring those who were complicit in wrongdoing to account is being done and that he believes there is nothing further he or his Department can do?" Mr Howlin asked.

The situation in NIB was "an absolute scandal which rocked public confidence in the banking system to its core". Had the Minister had a meeting with the director of corporate enforcement to discuss the issue?

Mr Martin said: "With regard to the issues and the role of courts ... the director is independent in his function of pursuing these issues, as are the relevant authorities. The key issue now is that any breaches that may have occurred are properly prosecuted by the respective authorities. That is happening in this case." He added that the courts had ordered that the report be sent to the relevant authorities, including IFSRA, the Revenue Commissioners and the DPP.