Delay in prosecutions over financial malpractice unacceptable, says Boyle

SEANAD REPORT:DAN BOYLE (Green Party), deputy Seanad leader, said it was unacceptable that l8 months after controversies had come to light in financial institutions, we were still no nearer to having individuals identified and brought before the courts to answer whether there had been any legal wrongdoing.

If it was a question of resources or if there was reluctance to identify individuals presumed to have been involved in practices that had brought us into the economic calamity we were facing, because they would expose and compromise others, steps should be taken to ensure that such perceptions were not allowed to stand.

Our corporate law was weak in getting results within the timeframe that would bring about the public confidence needed.

That confidence was at such a low point that there was a belief that there might never be prosecutions in relation to activities. If that came to pass, then corporate law would be seen to have failed us.

Mr Boyle, who was speaking in the second-stage debate on the Companies (Miscellaneous Provisions) Bill, said an attempt was being made to strengthen the law. Because this was being done in a relatively short timeframe, however, they might miss the potential to prevent further abuses. The Bill was welcome, but he would have preferred a stronger measure.

Camillus Glynn (FF) claimed that an Opposition Senator was demeaning the House by addressing the Cathaoirleach as “chairman.” Standing orders prescribed the proper form of address. One member was consistently breaching the rule and he found that offensive.

Mr Glynn was referring to Fidelma Healy-Eames (FG), who used the title “chairman” yesterday. He asked Cathaoirleach Pat Moylan to direct her to address him appropriately.

John Hanafin (FF) joined other members in condemning the “injustice” done to the Irish soccer team in the World Cup qualifier against France. He called on Seanad leader Donie Cassidy to write to Fifa asking it to adopt the rugby practice of using video replays to ascertain whether a valid score had been made.

Joe O’Toole (Ind) asked what was wrong with having an emergency tax rate for people earning a certain level of pay to help the country get through the financial difficulties it was experiencing.

Introducing such a tax would allow the Government to go to workers on low pay to say that to bring in the necessary €4 billion, it would have to look at salaries. There were things that everybody realised would have to be done.