Dáil debates

Tuesday, 19 January 2010

4:00 pm

Photo of Brian CowenBrian Cowen (Laois-Offaly, Fianna Fail)

Those decisions that have been taken by Government have been democratically debated in this House, have been legislated upon and are part of the recovery we are seeking to achieve not only in the financial area but for the economy as a whole. More urgent work needs to be done on that issue in the future weeks and months, which the Government is committed to doing, as the Minister for Finance has set out over the Christmas period. That will be done, but in the meantime an exercise will take place which will be carried out by the Governor of the Central Bank, a person whose appointment was welcomed by all and sundry, rightly so given his reputation, who was not involved in any past activities or policies in the banks. I presume people will accept he is in a position to draw up a report as set out in the Government motion. There will also be an independent expert of international repute who could also consider the broader issues in the banking system itself.

When it comes to those reports being made available publicly and debated in the House or elsewhere within the House, the terms of reference for a commission of investigation would be drawn up on the basis of consulting with the Oireachtas and also drawing on the conclusions of two people in whom we have full confidence regarding their integrity and objectivity in this matter. The terms of reference for the commission of investigation is not predetermined at this point precisely because a two-stage process needs to take place. It is for all of those reasons that the Government is anxious to ensure we address the issue.

I accept there is a need for an investigation into those matters. It must be carried out objectively and in a timely way with the required expertise. It will involve the Oireachtas at all stages in terms of meeting with the Governor of the Central Bank and the independent expert at the outset of their work to be briefed on the Oireachtas's priorities for investigation. An Oireachtas committee will be given the task of considering the findings of the reports when they are concluded. The terms of reference of the commission will be informed following consultation with the Oireachtas. The report of the commission of investigation will be laid before the Oireachtas for its further consideration and action by an appropriate Oireachtas committee if it so wishes. That is where the Oireachtas is getting involved once the facts have been assembled.

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