Joan Burton (Dublin West, Labour)

I move:

That Dáil Éireann:

- noting the unprecedented crisis in the Irish banking system, the contribution of that crisis to the present economic emergency and the on-going implications of that crisis for employment and output;

- noting the emergency measures that have already been taken to stabilise the banking system, including the blanket guarantee, the nationalisation of Anglo-Irish Bank and the re-capitalisation from the public purse of other banks;

- further noting the losses incurred by bank shareholders, taxpayers and the general public as a result of the banking crisis;

- believing it is necessary to examine in detail the nature and causes of the banking crisis, including the manner in which relevant laws, regulations, administrative systems, procedures and practices were employed and applied, identifying in particular:

- any defects in planning, information-gathering and information-analysis on the part of public authorities;

- any other defects in systems of regulation and oversight on the part of public authorities;

- any systematic default on the part of regulated persons or bodies in their duty to comply with relevant regulations; and

- any defects in relevant laws or regulations;

- believing further that it is necessary for this and other purposes that there be conferred by statute on each House of the Oireachtas and on both of them acting jointly, through committees, a power to appoint inquiries into and to commission reports upon matters relevant to the exercise of the legislative power of the State including defects in social, economic or administrative systems and systems of governance within the State, for the purpose of proposing legislation to remedy any defects so identified and to make recommendations for the better regulation and governance of the State; and

- resolves to take all necessary steps for the establishment of an inquiry by a committee of Dáil Éireann into the banking crisis, including the consideration and passing as a matter of urgency of legislation along the lines of the Committees of the Houses of the Oireachtas (Powers of Inquiry) Bill 2010.

I wish to share time with Deputies Michael D. Higgins, Arthur Morgan and Caoimhghín Ó Caoláin.

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