Richard Bruton (Dublin North Central, Fine Gael)

I do not share that view. The taxpayer is investing a large amount of money and we could set preconditions. It would not be unfair of the Minister to do so. It would be unusual, but it would not be an abuse of his position for the Minister to say the State is investing this money and conditions are attached surrounding fresh management in the company and a new approach, or that fresh boards, fresh management and a fresh approach were necessary. I regret the Minister's timidity in this regard. Even the international markets wish to see fresh blood, fresh faces and a fresh start.

This morning, the Minister for Finance made a significant admission. He admitted, correctly, that the regulatory system is simply not up to it. Even now, having seen the mistakes made, the system is still not up to it. It is extraordinary that those studying regulatory failures are the regulators. It is ridiculous that they have commissioned consultants to examine their failures. If anyone else failed and stated the solution was for that person or organisation to review how it failed, it would not be credible. If a person employs a consultant and pays money to explain how he failed, such a consultant will not conclude that person should be sent out the door. It is not enough. If the Minister is serious, then there should be a proper external examination. We must have confidence that every stone is being turned, that no one's reputation is being protected, that there are no golden handshakes to nudge people to one side and that there will be a no holds barred investigation of regulatory failure. The people will not have confidence in anything short of that.

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