Kieran O'Donnell (Limerick East, Fine Gael)

The public is entitled to know precisely what went on. Any inquiry must ensure public accountability by the banks, the regulatory system and the Government. The Minister said he has nothing to fear from an investigation. I assume he wants the process to have credibility. Members of the Green Party have called repeatedly in recent days for a public inquiry. I will be interested to hear whether the Minister for Communications, Energy and Natural Resources, Deputy Ryan, agrees that what is proposed by the Minister constitutes a public inquiry that will satisfy the requirements of citizens. People are losing their jobs and homes, and small businesses cannot obtain credit from banks. The outgoing chief executive officer of Allied Irish Banks indicated recently before an Oireachtas committee that the bank would not use the NAMA bonds to provide low-cost credit before going on to suggest that it may or may not do so. Yet this is one of the key points on which the Minister sold the NAMA proposal to the public.

If the Minister wishes to have credibility in this process we must all work together. We cannot have a situation where the Government rams this proposal through. That will constitute a waste of taxpayers' money because the public will not have belief in the system and its confidence in the banking system will not be restored. The Minister has major decisions to make in this area into the future. NAMA is to be established, whether or not we agree with it, and there is the question of further recapitalisation of Allied Irish Banks and Bank of Ireland and possible further injection of funds into Anglo Irish Bank and Irish Nationwide Building Society. How did we get to this situation whereby, to all intents and purposes, in a very short period of time the majority of our banking system could be nationalised. That is the question the public want answered. The only way we will get answers is in an open and transparent way. If we need expertise in terms of an Oireachtas committee, we can bring it in. We were elected to represent the people. This House exists to ensure the views of the public are taken on board. The public will accept no less than a public inquiry. The truth will out. It is extremely important that we find out why we have reached this point.

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