Brian Lenihan Jnr (Dublin West, Fianna Fail)

We have taken steps to ensure that the mistakes that led to this crisis will never be made again. We have broken with precedent in key appointments. Professor Patrick Honohan, our foremost academic expert on banking, is a widely regarded Governor of the Central Bank. Mr. Matthew Elderfield, a highly qualified and experienced professional, is our new Financial Regulator. We have introduced new legislation to reform the regulatory framework for our banks and the Central Bank has greatly increased its resources.

We have set out a programme of budgetary reform in the national recovery plan and legislation providing for a fiscal responsibility law is in preparation. This will ensure that the principle of keeping the public finances on a sustainable footing is binding in law.

In other words, the Government has faced up to its responsibilities.

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