Martin Conway (Fine Gael) | Oireachtas source

I welcome most of what Senator Byrne has said. However, I refute the charge of political advantage suggested. It is clear the Irish public wants an inquiry, but one that is cost effective and conducted properly by people who are elected and well capable of conducting it. We all spoke on this legislation when it was going through the House and welcomed it as an important step in the right direction.

I remember well the night the guarantee went through. I was on holiday at the time in Naples and the people there were shocked that the banks in Ireland were given a full guarantee. I found it ironic that even they were shocked by it. This indicates the level of international curiosity that followed that particular night in September 2008. The people of Ireland want answers and I believe this is a positive step in the right direction. I have utter faith in colleagues from all sides participating fully in this to try to establish the truth. I believe the Taoiseach's and the Government's preferred modular approach and tight and focused terms of reference are correct. We have all seen the mistakes of previous inquiries, particularly the ones that cost hundreds of millions. Those inquiries made recommendations and so on, but not taking from the work that was done, they were extremely costly. This inquiry will be focused, will have a clear time limit, will be modular in nature and will achieve results.

I agree with Senator Byrne that both Houses should be involved. We are very fortunate here to have somebody of the calibre of Senator Sean Barrett, probably the best transport economist in the country and one of the best economists in the country. He is very fair and he and others would have an important role to play in forensically examining the evidence presented at such an inquiry. I would like to see a swift move on this inquiry. The public clearly wants answers and it expects us, as political leaders, to get those answers. Lessons have been learned from past inquiries and we need to ensure that mistakes made previously are not repeated.

I do not have any questions for the Minister because I am fully confident of his personal commitment to this inquiry and he has always been transparent in politics. I agree with many of his views on political reform and see him as a champion who when he comes into this House speaks with authority and decades of experience. We are very fortunate we have a Minister of his calibre leading the Government charge on this and I look forward to robust engagement with the process and to its conclusion.

We all hope that on this occasion the people will find that the political system did not let them down and that the correct results, recommendations and conclusions were brought forward. It will be a very good day for politics if we are able to achieve this, as a united Oireachtas, for the people.