Margaret Conlon (Cavan-Monaghan, Fianna Fail)

Since I came into this House in 2007 we have witnessed events that have hit the country like a tsunami and shocked us. We have had other institutions in which most unsavoury events have occurred, but we are dealing with the banking institutions this evening. Let us be under no illusion. We need a properly functioning banking system because without one we do not have an economy. If we do not have an economy, then we are closed.

Having an effective banking system entails providing a safe place for people to deposit their money. If one deposits money, there is a legitimate expectation that one can get it back on demand. Added to that we must have a system that lends money, particularly to householders or those who wish to borrow to buy homes, as well as for small, medium and other types of businesses, because they need money to be able to function. With that borrowing comes a responsibility to make repayments, and, of course, interest has to be paid on loans.

We are quick to blame others for everything that happens. People must take personal responsibility for their borrowings. Nobody in this House encouraged or forced anybody in this country to take out massive loans. If one takes out a loan, one must consider whether one can afford it and is in a position to make the repayments. There was reckless lending by the banks. Power was taken away from the local managers who knew their customers' limits and given to faceless people in the head offices who were just interested in increasing the banks' loan books and handing out as much money as possible.

We did not have proper regulation. The people charged with that responsibility sat on their hands and saw, heard and said nothing. Eventually, we ended up where we are. I welcome the comments of the Minister for Finance to the effect that investigations are ongoing, interviews have taken place and the Garda Commissioner has indicated that a file will be sent to the Director of Public Prosecutions before the end of the year. We must follow the course of natural justice. We cannot have a kangaroo court approach where people are hauled in and then suddenly find themselves in a different court because the investigations have not been properly carried out. People must pay a price for reckless behaviour and bringing our country to the brink.

The appointments of Professor Patrick Honohan and Mr. Matthew Elderfield have been welcomed on all sides, and people see them as doing a good job. They have restored public confidence in their efforts to regulate and supervise the financial sector. Some members of the public have indicated to me that, perhaps, they are being too heavy-handed. However, I do not believe we can have an À la carte approach whereby one can pick and choose what one likes and regard what one does not like as being too heavy-handed. They have to be allowed to do the job and the majority of us recognise that they are making enormous efforts to clean up the mess.

Member of the public are angry, as am I. I am angry with the behaviour of the people who brought us to the brink. We can all be angry and express this, but anger in itself is not a solution. I want these people brought to justice so that they pay the price. We all have a duty in this House to behave responsibly. I do not believe we can make outlandish claims. Let us be realistic. How could the Opposition believe we can default on senior bondholders and expect them to give us additional funding when we return to the markets in the new year? It cannot happen.

I disagree with the Opposition's assertion that the Government has done nothing. The Minister of State, Deputy Calleary, outlined clearly last night the many actions that have been taken by the Government. I commend the efforts of the Government and I have no difficulty in supporting the position it has taken.

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