Oireachtas Joint and Select Committees

Thursday, 2 July 2015

Committee of Inquiry into the Banking Crisis

Nexus Phase

Mr. Brian Cowen:

Deputy, let me answer the question. I'm a backer of the 30,000 jobs that are down in the IFSC. I backed those jobs. I'm glad I was part of a Government that brought them into being and brought forward that very important proposal. I'm glad I did that. I mean there are some people, maybe - I don't know where they are in the spectrum - that would rather see the dereliction that was down there, staying down there. I don't know. Look, I'm in favour of people of action who went and did something for this country and brought it up. Now, I don't hold any brief for misbehaviour in an IFSC or a Bank of Ireland or anywhere else. That's not my point. But I do believe that it's the job of a Minister in a Government that is out there trying to make its way in the world, to be part of a ... you know ... to have participation in industries which ... from which a problem that we are now dealing with didn't emanate. That's the point I'm making to you. If it's all so bad, why isn't it that all the problems are in our own domestic banking sector? Because what I'm explaining to you is that the interaction of that is not dealing with ... it doesn't have direct links to the Irish economy. It's 3% of credit in this country is attributable to IFSC. They're international ... involved in international financial services, insurance, reinsurance, a whole range of issues that are dealt with globally, and we have some of that industry and some of those qualified people working in our city, which does a lot for promoting this city as a city where investments should come. Now, there are other people, maybe like you or others, who don't ... who have a problem with that. That's fair enough. We'll disagree on that. But I am not ... if you're trying to suggest that I was a proponent of shabby practices, I was not. But the problem is it didn't emanate from there, if you're so worried about them. It emanated from our own-----