Seán Sherlock (Cork East, Labour)

Where else in the world would a government hide behind a Supreme Court judgment and use it as an excuse for not holding an open and informed inquiry? In no other liberal democracy would a Minister for Finance stand before the legislature and, in addressing his justification for an inquiry behind closed doors, refer in one form or another and on no less than six occasions to the global international crisis, while omitting to refer to the political climate underpinning the anatomy of the crisis or the political decisions made that were inherent to its very character.

It is extraordinary that the commission of investigation will not reach into the domestic political decisions which gave rise to the crisis. That Ministers for Finance will not be subjected to examination or held accountable for their actions is ludicrous. I am not sure if Deputies on the Government benches are aware of how ridiculous this sounds to people.

The Labour Party does not seek retribution, an issue alluded to by others, but it is entitled to seek to have answers provided in public to questions surrounding the role of the Financial Regulator. Why was the regulator able to ride out of "Dodge City" with a €600,000 pay-out without being subjected to an analysis of his performance or at least some scrutiny of his decisions? We also seek an answer in public to the question as to why Anglo Irish Bank continues to exist. We want to know the reason analysts in the city of London were baying for a kill when a substantial shareholder in the bank could no longer cover his position. How could one individual build up a stake of 28% in Anglo Irish Bank through numerous contracts for difference? The hedge funds had a field day on that issue and no one in the Office of the Financial Regulator called time on the madness. I am sure we will never know the reason because an open inquiry will not allow us to ask this very question. Instead, we will have to continue to read the business pages of the broadsheet newspapers to glean the knowledge we so desperately need to make honest appraisals.

If there is a sound economic logic for the continuance of Anglo Irish Bank, let the case be made publicly in order that those who elect us can adjudicate for themselves. As a society we need to learn valuable lessons from this period in our economic history. We want Ministers for Finance to be subjected to rigorous questioning in the public interest. The only way we can achieve this is through a transparent process that stands up to political scrutiny. By not having this inquiry in public we add to the moral turpitude that has underpinned this society for too long. We want the facts to fit the preconceptions. As long as a veil of secrecy exists, we will not make the changes that are necessary to move on in a real sense.

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