Enda Kenny (Mayo, Fine Gael)

I thank the Taoiseach for his reply. Obviously, the Director of Corporate Enforcement is dealing with this matter in the context of possible infringements of the Companies Acts. The Fine Gael Party has a different view in respect of the investigation being carried out at Anglo Irish Bank and suggests that it should be done under the stewardship of the Director of Corporate Enforcement as distinct from the regulatory authority, which was part of the problem in the first instance.

The situation that has arisen has dealt another hammer blow to the credit worthiness of Ireland Inc. As the Taoiseach is aware, the markets do not actually care who owns this bank as long as credit worthiness is restored to our financial institutions. In that context, I differ from him in the sense that I am of the view that Anglo Irish Bank should have been wound down over a period, in an orderly fashion, as opposed to being allowed to operate as a going concern.

The world is running out of patience with Ireland Inc. As the Head of Government, the Taoiseach is in a position to take decisive action in order to attempt to rectify this problem before someone else rectifies it for us. We must start on the long, slow and painful path away from the economic precipice on which we now stand. The Taoiseach referred previously to bipartisanship, national consensus on issues and the offering of support in the national interest. These are sentiments with which anyone can agree. From my perspective, the message which must immediately be sent out to the international markets is that the Government is prepared to take decisive action and to look to the future in a way that will engender confidence among those who operate in those markets.

The difficulty which arises is that when people hear about the HSE, spin doctors and everything else, they become angry. Fine Gael has tabled a Private Members' motion for this evening in which are listed nine points which were carefully drawn up and which are constructive, progressive and realistic. Each in its turn will deal with an aspect of restoring credibility to Irish financial institutions. The points to which I refer relate mainly to the need to change the regulatory system, to replace the senior management and executives of both major banks and the regulatory authority, to examine the way in which top executives are remunerated — we suggest that a cap of €250,000 be imposed — and the possibility of employing the good bank-bad bank concept, which Fine Gael has been advocating for some time. These are among a number of issues in respect of which the Taoiseach could provide support in a bipartisan fashion.

In my view, and that of my party, the adoption of the nine points put forward in the motion will send out a signal to the international community to the effect that the Government is changing direction, is taking decisive action and is putting in place a structure that will restore the credibility of and trust and confidence in the Irish financial institutions. In light of the Taoiseach's views on bipartisanship, support in the national interest and support for Ireland Inc. — and given the fact that I recognise the gravity of the economic situation we face and am aware that the world is running out of patience — is he prepared to accept the proposals laid down in Fine Gael's Private Members' motion? Those proposals will be important in assisting, in part, with restoring the sense of credibility and trust that is vital to the future of our country. Is the Taoiseach, in the spirit of bipartisanship, prepared to accept suggestions that are constructive and progressive?

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