Beverley Flynn (Mayo, Fianna Fail)

I, too, welcome the opportunity to speak on this motion. It is fair to say that the public is extremely angry at what has happened, the roles played by bankers in bringing the country to its knees and the economic crisis we are now going through.

It is important to say that we on this side of the House are angry too. The Opposition does not have a monopoly in terms of anger in this respect. Everyone in the country is outraged at what has happened. We all want to see anyone who has broken the law brought to justice. I welcome the recent statement by the Garda Commissioner that the investigation in this regard is receiving the highest priority possible and that he hopes to be able to bring it to a conclusion at the earliest possible opportunity. It must be recognised that the Garda Bureau of Fraud Investigation has informed us that this is the most complex investigation ever undertaken by the State, having dealt with approximately 100,000 documents. It is hoped that this investigation when complete will result in an outcome which satisfies Members of this House and the public.

To suggest that nothing has been done in terms of dealing with this situation is completely outrageous, in particular as far as boards of directors of the various banks are concerned. There has been a huge amount of change in the boards of directors of the covered institutions of which we are speaking tonight. Some 47 board members who were in situ pre-September 2008 have departed, with 27 remaining. That is a 64% change in board members, representing a significant change in the past number of years. In addition, there have been 33 new appointments, including 12 Government nominees. There has been a huge amount of change across all the boards. The appointment by Government of two public interest directors to all major covered institutions is an important mechanism in terms of accountability to this House and the public.

I welcome that there is a mix of board members from the domestic and overseas markets. The Opposition's motion states that there has not been a change of personnel, but it is wrong. What is more important than a change of personnel across the boards is a change of culture. It is important there is a change of culture in all of the banking institutions and that the new board members challenge the management structures in terms of the decisions they are making. That is the only way we will get the type of robust boards across our banking system that we deserve.

My colleague, the Minister of State, Deputy Calleary, referred to the introduction of the guarantee scheme in 2008. That guarantee was absolutely essential to ensure the stability of the banking system. One, if not more, of our banks was close to collapse. In terms of the protection of deposit holders, it was critically important for confidence in our banking system that the guarantee scheme be introduced. This has been reflected in the banking reports subsequently published. The Government introduced NAMA, a work-out vehicle to remove all the development loans from the banks' balance sheets. That process is working efficiently. It is hoped that process will be completed by February of next year. It is through NAMA and the recapitalisation of the banks that we are bringing about stability in our banking system. We are dealing with a financial crisis that is changing week by week. Much of what happens is based on confidence. In this regard, I might add that the role of the Opposition throughout all of this has done more damage to confidence in this country. It has played no small part in the rising rates we must pay to borrow. It was suggested by the Opposition that we should default on senior bondholders. From whom do they think we will secure additional funds when we return to the markets in the new year?

The reality is that our credibility as a country is at stake. I support the position taken by the Government.

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