Michael Noonan (Limerick East, Fine Gael)

It was eventually but not at the time in question. This must be examined. It is very important that this be done.

One point made by the Minister may meet the requirements I sought last night when we referred to these issues during the debate on the Private Members' motion. He said in his speech that "the terms of reference of the commission require it to examine whether any advices or directions given by the Department to the Financial Regulator were in any way relevant to failure of the Financial Regulator in the performance of its supervisory functions." That is appropriate but there were surely advices from the Financial Regulator and Central Bank that were given to the Department. Submissions, petitions and advices were submitted by the banking sector to the Department. These should be also the subject of investigation and not be ruled out in the terms of reference.

The Minister has moved a certain amount by stating he will examine in due course the appropriateness of putting the advices on the public record. Considerations associated with legal privilege, etc., must be taken into account. However, the Minister should include in the terms of reference provision for the commission to examine the advices that flowed to the Department in addition to those that emerged from it.

The referral of certain macroeconomic and fiscal policy lessons to the Joint Committee on Finance and the Public Service for its approval is appropriate. It is a little unclear what the ultimate product will be. On first reading, the committee will require professional economic advice. Since the procurement process involved could be long, the Minister may need to reconsider the dates on which he expects the committee to report. Were the standard 90-day European procurement notice to commence now, the committee would not get under way until October, so having it conclude by November would be difficult. The Minister might take note of this point.

I am pleased with the proposals and we will not call a vote on them. The Minister has met the committee's request fairly. We never get everything, but the many serious concessions he has made will improve the work of the commission. Were he able to find a formula for taking my other requests on board, I would be pleased.

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