Brian Lenihan Jnr (Dublin West, Fianna Fail)

I must say I did not notice, which is unlike me.

In the course of this lengthy debate, Deputies have taken the opportunity to engage in a wide-ranging debate on the banking sector and the part it has played in the current economic difficulties we face. That is understandable. However, the focus of this Bill is somewhat narrower, and Deputies should appreciate this. It is my intention to introduce a number of amendments on Committee Stage, details of which will be made available to Deputies in advance.

The contributors made a number of points about the Bill, which will be given careful consideration. However, I must respond to some of the issues that have been raised. There is one fundamental point which is of great importance in this debate but which has been overlooked by the Opposition speakers. I find it extraordinary that neither of the main Opposition spokespersons made any reference in his or her contribution to the two persons who will head up the new structures: the regulator designate, Matthew Elderfield, and the Governor of the Central Bank, Patrick Honohan. Were I to have followed the advice proffered by Deputies Reilly and Creed at the conclusion of the debate, I would never have ensured these persons were appointed in the first place.

The whole purpose of the Bill is to put in place the structures on which the job descriptions of these two men are based. Their appointments have brought an energy and professionalism that has already gone some distance in restoring confidence in our banking system both domestically and in international markets. The bank is in the process of significantly increasing its staffing to ensure it has the necessary resources to carry out its functions appropriately. These are important developments and they surely merit some reference from the Opposition finance spokespersons.

The purpose of this legislation is to give statutory vesture to appointments already made. It has been suggested that somehow this legislation has been designed as the be-all and end-all in resolving the banking crisis. It is not, and I did not introduce the Bill to the House on that basis. However, it is important that these two appointments, which have commanded substantial confidence in Ireland and overseas, be underpinned by the necessary legislation, which at least gives them the job descriptions on the basis of which these persons were appointed. This is important and everybody in the House should agree on it.

Of course, it has been characteristic of the banking crisis that we do not agree on very much in the House. It is far more politically profitable to talk nonsense from the Opposition benches - some of the time, not all of the time - and make political capital than to face our problems with a clear eye and seek to resolve them.

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