Thomas Byrne (Meath East, Fianna Fail)

The banking system, however, is a much more important issue. Let us have a banking inquiry as soon as possible. That is what the Government has proposed. The appointment of Professor Patrick Honohan, a recognised expert who has previously worked with a Fine Gael-led Government, was the best decision the Government ever made according to a number of Opposition Members. Now that he has been put in charge of an inquiry in which his independence can be assured, doubts are being cast by the Opposition on his ability to do that because of his position in the Central Bank. He is completely independent of the Government and the Fianna Fáil Party and he is the right man to undertake the aspect of the inquiry for which he is required. An expert will be appointed to examine other issues and this will be followed by a commission of inquiry, which can hold its hearings in private or in public. It was intended that the Iraq inquiry would be held in private but there was provision to allow the judge in charge to hold hearings in public, which is what he decided to do. Perhaps that will happen with this inquiry.

It is important that the public obtain answers. Every Government Deputy wants to know what went wrong with the banking system. The system went awry in other countries but we must primarily examine what went wrong with regulation and within the banks and what caused the problems we have. The inquiry must get on with its business and answer these questions as soon as possible. The entire focus of the Government must be to allow the banking system to continue its recovery, to allow the NAMA process to continue and to do whatever needs to be done in terms of recapitalisation to ensure our banking system remains safe. This will be done in the face of opposition from the Opposition, but we must do this. No matter what proposal is put before the House regarding banking, it will be opposed by the Opposition.

See this speech in context