Joan Burton (Dublin West, Labour)

My amendments are generally designed to ensure we have more information, on an ongoing basis, in regard to this loan. Like Deputy O'Donnell, I propose that the information be laid before the Dáil on a quarterly basis. I draw the Minister's attention in particular to my amendment No. 2 which provides that the loan would be subject to the freedom of information regime. One of the greatest mistakes made by all the institutions concerned with finance in this State related to lack of freedom of information. I refer to a statement made by the Minister, Deputy Brian Lenihan, on 4 July 2008, before the collapse of the banking system. Speaking to the Public Affairs Ireland conference on the topic, "Government and the Financial Services Sector", shortly after his appointment as Minister for Finance and presumably having been heavily briefed by the Department of Finance, he stated:

There are however real reasons to have strong confidence in our financial services sector and their future.

First, on the back of years of solid economic growth, the assessment of the Central Bank and Financial Services Authority of Ireland, reinforced by the OECD's Economic Survey of Ireland, is that Irish banks are well-capitalised, their mortgage books are diversified and well secured and average loan-to-value ratio in regard to housing lending is low.

Second, the structure of our regulatory system is well up to best practice internationally – this is not just our view, but that of the IMF. Within one organisation, the Central Bank and the autonomous Financial Regulator operate together, complementing each other in oversight of financial stability and monitoring of financial soundness of individual institutions.

As he was hardly a wet day in office, the Minister probably made this statement hand on heart, with total belief and based on what the various groups of advisers told him. I had grave doubts then, as did others, and expressed them on several occasions. If there had been freedom of information in this country, as per the legislation introduced by the Labour Party, which was spancilled and dismantled by one of the Minister's predecessors, Mr. Charlie McCreevy, while we may not have totally avoided the calamity, we would have significantly mitigated the crisis.

Can we not have freedom of information, even as a small start? The Labour Party, Fine Gael Party and Sinn Féin can, in any case, obtain the information on this loan from the international markets. It would be a principled start by the Minister to recognise freedom of information as being important in creating a future with some financial stability. Moreover, the Department of Finance, Central Bank and others could no longer tell us that everything is wonderful and the financial fundamentals are sound, the mantra parroted by the Minister following his appointment. I say this to remind the Minister of what he said in early July 2008.

See this speech in context