Leo Varadkar (Dublin West, Fine Gael)

Their presence would be most welcome. I have three points to make in the time I have. First, I wish to congratulate Deputies Michael Noonan and Alan Shatter for tabling this motion which I fully endorse. The motion condemns the failure of the Government to ensure adequate supervision of the banks, the failure of the regulator, the Central Bank and the Department of Finance to do their job, the failure of the Government to act in a timely manner when it was clear that a banking crisis was unfolding in Britain and the United States, and the failure of the Government to get rid of the untouchable directors who remain in positions on bank boards despite having being in situ during the banking crisis. The motion also calls for the Garda, the Office of Corporate Enforcement and the Director of Public Prosecutions to be given the resources they need to bring about prosecutions as quickly as possible.

My second point relates to the Anglo Irish Bank bondholders. In particular, I wish to ask the Minister and his colleagues if they are prepared to name those bond holders, or, at very least, to confirm names that have been released. Some Members will be aware of leaks and a British website that was involved in releasing information on the scandals involving MPs' expenses. Lists have been produced on that website of the Anglo Irish Bank bond holders. Will the Minister either name them or confirm that the list is accurate? The Anglo Irish Bank bond holders are the only winners from the bail out of Anglo Irish Bank by the Minister, Deputy Lenihan. The shareholders lost their money and the customers must pay back the money they owe unless they become bankrupt. The taxpayers, of course, will be hit with the bill of €25 billion. Clearly, the bondholders are the major beneficiaries of the Minister's bailout and it is my party's view they should be asked to bear some of the cost of the bank's failure. That is what would happen if the rules of capitalism were applied. At very least, the people of Ireland have a right to know who the bondholders are, especially when an alternative to this policy existed. The bank should have been put into administration and wound down with the cost being shared by the investors and creditors. There should have been a resolution regime, as Deputy O'Donnell stated. It is amazing that two years into the banking crisis, or three years later, there still is no resolution legislation in the State. Perhaps somebody can explain to me why there is no such legislation. If the Anglo Irish Bank situation were to happen again tomorrow we would have to take the same action, or the Government might end up doing the same thing, simply because there is no resolution regime.

My final point relates to the Attorney General and the Director of Public Prosecutions. Nobody doubts the independence of the DPP but to suggest it is entirely up to the DPP to decide whether to prosecute is incorrect. Article 30.3 of the Constitution provides for the Attorney General to take prosecutions. The Attorney General sits at the Cabinet table. I am aware that power was transferred to the DPP under the 1976 Act but that does not mean the Attorney General's constitutional right to take a prosecution has been extinguished. This view was supported by Mr. Justice Walsh in the Supreme Court decision of the State, Collins v. Ruane in 1984, Irish Reports 105, 118-219, which states that the prosecutorial function of the State can be shared between the Attorney General and the Director of Public Prosecutions as long as the Oireachtas deems it fit. If the DPP decides not to prosecute - I would be appalled if that were the case - the Government should at least give consideration to the possibility of initiating a prosecution by the Attorney General. If the DPP decides not to prosecute - and I would be appalled, in the event - the Government should at least give consideration to the possibility of the Attorney General initiating prosecution.

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