Trevor Sargent (Dublin North, Green Party)

I am seeking that whatever can be established be agreed by all sides of the House, which is an effective and thorough inquiry into the reckless behaviour that left our banking system in such a sorry state. The sooner we can have that inquiry the better. The Green Party Leader, Deputy Gormley, was the first member of Cabinet to call for such an inquiry publicly in December. We will have an inquiry that will ensure full public accountability for the actions that need to be taken and the findings that need to be arrived at, which we cannot predetermine. It is important that we do not fall into the trap of rushing to predetermine the outcome as this would jeopardise the effectiveness of such an inquiry, although I agree with Deputy Noonan who stated last night that the public feels a need for a catharsis and that will not happen if an inquiry is held behind closed doors.

It is important to read the terms of reference in full. As my colleague, Deputy Mary White, said, the digging will be done behind closed doors in the same way one would conduct research or do homework but the grilling will be in public and the effectiveness of the grilling will determine whether we achieve the public accountability that will be the measure of this inquiry. It is unfortunate that Members have described it as a "whitewash" before it even commences. Such a prejudgment will play into the hands of the very people who do not want an inquiry or to be found out and who want to get away with the actions in which they mistakenly engaged. I urge that we have faith in people such as Professor Honohan who is well recognised for his independence and rigour, not only in this role as Governor of the Central Bank but prior to that. That is the reason faith is being put in somebody such as him when it comes to the commission of investigation's terms of reference. It must be recognised, whether one is in Government or in Opposition, that, given the nature of politics, one is compromised from being quasi-judicial because for obvious reasons there is a political point to be made from either being in Government or in Opposition and it is important that there will not be the makings of a Star Chamber which would make for an interesting spectacle from a political and media point of view but it would not be effective.

This inquiry will adopt a similar approach to the Murphy commission regarding what must be done on the ground and that commission report resulted in resignations. Nobody said it was a whitewash. The proposed inquiry will be more public than the Murphy commission in that there will be accountability to the Oireachtas, an Oireachtas committee will be involved and questioning will be conducted in public. I urge all Members to refrain from a prejudgment or political point scoring, as this will play into the hands of the very people who do not want this inquiry.

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