Darragh O'Brien (Dublin North, Fianna Fail)

We must approach the matter with open minds. This problem affects all citizens and members of every political party.

The Minister for Finance outlined the most efficient and effective means of inquiring into systemic failures in the banking sector. I hope that certain Members of the Opposition will leave their political differences at the door because the problems we must address are multifaceted and international in nature. The claim is sometimes made that the problem is completely Irish but we have experienced a global financial crisis and many other countries are investigating failures in their own banking system.

The Government's approach to the banking crisis has been measured and effective. I was unsettled, although not surprised, by Deputy Burton's comments today. Not once in this banking crisis has the Labour Party supported any Government initiative. It opposed the bank guarantee, the recapitalisation and nationalisation of Anglo Irish Bank and the establishment of NAMA, which will ensure credit flows to small and medium enterprises. These initiatives were opposed simply because they were Government policies rather than on the basis of the country's best interests.

No bank has been given a free lunch by this Government. At every stage, we have ensured that they paid heavily for the support they received from taxpayers and we will continue to do so. A viable banking system is crucial in terms of supporting jobs and businesses.

Deputy Burton referred to the banking inquiry being conducted in the United States. The conduct and composition of that inquiry has received heavy criticism. The best way to proceed would be through an independent inquiry headed by people with the requisite knowledge and expertise. The Governor of the Central Bank, who will conduct his own investigation of that organisation's role in this crisis, has said it is better to do things right than to do them quickly.

The method proposed by the Government is the most efficient and cost effective way of getting to the root of the problems that have occurred in the banking system. Everybody is aware that the DIRT inquiry by the Committee of Public Accounts some years ago was based on extensive investigations already undertaken by the then Comptroller and Auditor General. It did not happen overnight, nor should this inquiry. The Oireachtas must base its investigations on fact and expertise provided by those who know the system and who will report to Parliament. The Minister has ensured that the Oireachtas will be involved in every step of this process. I commend these proposals to the House. The Government's plan is the right way forward to deal with the problems that have occurred in the banking system.

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