Caoimhghín Ó Caoláin (Cavan-Monaghan, Sinn Fein)

By any yardstick, Mr. FitzPatrick, and all who were complicit in or who knew of his activities, have serious questions to answer. It is time to call a spade a spade. The actions we know of — and more may come to light following full investigation — were, without question, criminal. I do not make that charge lightly. We see the credibility of not only a single financial institution but of the combined banks and other financial entities working within this economy faced with the most serious situation presenting in our lifetimes, with all of the serious consequences that represents for ordinary citizens who have placed their trust in these entities over the years and who are now paying a serious price for the mismanagement and outrageous conduct of the individuals who were at the helm of some of these institutions. It is a very serious situation.

I support Deputy Burton's amendment No. 2, which seeks a full investigation. In his response, will the Minister tell us clearly what investigation is under way? Is it intended to fully expose the facts? We are not privy to the full facts. The Minister is asking us to buy a pig in a poke on behalf of the citizens of this State. He is asking us to give our imprimatur as elected representatives to this legislation, but that is not likely. I have listened carefully to the Minister's contributions but has he advised the Members of this House of all the information he has and knows pertaining to the historical and contemporary affairs of this banking institution? He should consider his response carefully. Has he been forthright with Members concerning all the information and detail that has been brought to his attention about Anglo Irish Bank's affairs, the conduct of its business and the conduct of those in positions of trust, either engaged or as members of its board? I am asking the Minister to be clear in his response to those questions because they are important.

The thrust of the motion before us not only concerns the investigation of Anglo Irish Bank. As regards the affairs of Mr. FitzPatrick, is it not clear and obvious that there were at least two financial institutions involved in a shadowy exercise of disguising that person's business affairs and whomever else he may have been acting on behalf of? Is Irish Nationwide not equally complicit in that whole exercise of deceit? Where would the Minister draw the line in investigating the financial institutions that have operated, and continue to operate, in this State? He cannot do so. If we are truly to get to a new beginning, a point where the people can have confidence in the financial entities operating in this State, we need a full and rigorous investigation of each and every one of them to affirm their adherence to absolute best practice and corporate governance now and in future. Nothing less will restore the confidence of the people or, indeed, investors in other jurisdictions, in the financial institutions in this State.

I ask the Minister to accept Deputy Burton's amendment and take on board the points that have been made. He should accept and appreciate how Opposition Members feel about what is being put to them here today. He is asking us to adopt a proposition over a truncated period of time, about which at the end of the day he does not claim to know the full facts. I would like to hear the Minister say that he has been absolutely unequivocal in sharing all the detail he knows pertaining to the business of this entity which he now proposes to place in public ownership.

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