Caoimhghín Ó Caoláin (Cavan-Monaghan, Sinn Fein)

Yesterday we had an opportunity to engage with the Minister and we were in a position to ask specific questions through the facilitation of a Private Notice Question. Already this morning further questions arise following a raft of different pieces of information that have appeared in the national press today. These include the claim by Irish Life & Permanent that it advised the Financial Regulator within days of its participation in a €7 billion merry-go-round with Anglo Irish Bank last September and the transactions involved. This is a very serious indication of the extent of the awareness of the Office of the Financial Regulator. That information was not shared with us yesterday. We need an opportunity to question the Minister again and he should be willing to accept the opportunity for an additional question and answer session to the proposal placed before us.

There are very serious questions to be asked. When did the Financial Regulator become aware? What actions did the Financial Regulator take? All these matters have to be addressed and in a very serious way. We cannot park the enormity of this issue on the back of yesterday's limited opportunity or today's statements. This merits serious investigation. It is not only about Anglo Irish Bank, although that is very much at centre stage. There are other major players among the financial institutions whose activities and complicit actions make them equally subject to proper scrutiny. That must be done in this House to the best of our ability. Along with the other speakers I urge that the Order Paper be amended to accommodate the extension of time to give true opportunity to Members to participate and to question, once more, the Minister and the Taoiseach, if possible, on these very important matters.

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