This morning it emerged that a former senior manager of commercial lending at Irish Nationwide, Mr. Tom McMenamin, has been fined €23,000 by the Central Bank, following an eight year investigation for reckless conduct. As the Taoiseach is aware, Irish Nationwide cost the State and the taxpayer €5.4 billion, so the rap on the knuckles he received is astonishing. Despite the banking and economic crisis a decade ago, reckless lending is still not a criminal offence in Ireland. Making reckless lending a criminal offence was a recommendation of the former Governor of the Central Bank, Mr. Patrick Honohan, but it has not been acted on. Will the Taoiseach commit now to legislating appropriately for reckless lending and making it a criminal offence?

I would be happy to examine any proposals the Deputy has on that matter but I imagine coming to a legally robust definition of reckless lending could be difficult.

It already exists in Britain.

It has been done elsewhere.

If it was wrongly done it could result in many people not getting credit.

And bankers going to prison.

It could also result in a lot of people not getting credit, so one would have to get the balance right.