Joan Burton (Dublin West, Labour)

Deputy Morgan should not go there, that referred to duvets. The country prospered at the same time as the concept of freedom of information. I am not a capitalist but capitalism thrives in a free market where complete knowledge is the hallmark of being able to make good decisions on how to allocate capital among competing companies and projects. Closing down information means that we do not know how the banks are doing. One must be very skilled to understand the annual report. The Anglo Irish Bank report was 150 pages long and it told us almost nothing. There were statements about this, that and the other and the auditors told us that everything was dandy. We need the capacity to debate reports in this House or, more appropriately, before the relevant Dáil committee. We are trying to restore Ireland's reputation and I suggest this is a course to be recommended. The Minister referred to his fears about the previous amendment and information being disclosed about what the National Pensions Reserve Fund was doing with equity holdings. Equities are on the floor worldwide. The National Pensions Reserve Fund is trying to hold as much money as possible in cash, near cash or Government type bonds. We are not in equity markets at the moment and if those in the National Pensions Reserve Fund could get out of equity markets, they would run as fast as possible to get out.

See this speech in context