Brian Cowen (Laois-Offaly, Fianna Fail)

I reject Deputy's Kenny's political assertions on a whole range of fronts in respect of these matters. First, the Government has always said it will give careful consideration to this issue and that it requires such careful consideration. That is why we have come forward with our proposal. Second, we do not wish to cut across existing investigations, whether of a criminal or regulatory nature. Third, we wish to ensure that the Government, the Central Bank and an independent expert of stature will look at all aspects of this issue, including the background to and causes of the current banking and financial crisis. The documents arising from that process will be published and the Oireachtas will have hearings into those reports. Moreover, in consultation with the Oireachtas, we will agree specific terms of reference arising out of those recommendations from eminent persons whose integrity will not be questioned by anybody in the House. That will enable a commission of investigation to be established.

Far from what has been suggested by Deputy Kenny, this is a tried and tested mode of investigation that has brought results in the public interest in other matters and can also do so in this case. Once that publication has been brought forward, the Oireachtas or the appropriate committee may have further hearings on it. That is the view of the Government as to how we should proceed. We will put in place a timely, cost effective, proven procedure in order to ascertain the facts of the situation and the background to and causes of what has occurred and to learn whatever lessons are to be learned for the future as a result of that expertise being available to us.

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