Dick Roche (Wicklow, Fianna Fail)

The point made by Deputy Creed on the issue of stress tests is valid because the stress tests were questioned at the time. I refer the House to a point made by his colleague, Deputy Barrett. There is a necessity within Europe for countries to have their own mechanisms for examining where they are. He has made the valid point that there has been dependence on highly questionable ratings agencies, which gave AAA ratings to junk in the United States. I hold a certain resentment toward their making a judgment on this or any other country in Europe. One thing to emerge from the current crisis is that Europe will examine this matter. That addresses, in part, the issue raised by the Deputy. There was a lack of credibility in the stress tests and, I hope the next set of stress tests will be far more rigorous. I take the point made by the Deputy which is correct. There are some fundamental issues within European banking which must be examined.

The second point raised by the Deputy was taken up directly by Deputy Howlin and indirectly or tangentially by Deputy Ó Snodaigh. They asked if there were an adjudication by the Attorney General should we have some autonomous mechanism to give a third view. There is merit in this but the reality is that, as Deputy Howlin stated and as Deputy Ó Snodaigh indicated, some people take a rather jaundiced view of Europe. This is their entitlement because they are citizens and they must be able to raise a challenge in the Supreme Court. I have no doubt that whatever mechanism is put in place, some of the "same old, same old" will remain. I do not mean this in a negative sense. I have much time for people who have taken a different view to mine on Europe because it is their right and our debates on Europe have been stronger because of it.

The issue of how we create more objective debate and analysis on Europe must be examined. Deputy Howlin made the point that an argument could be made that the Attorney General's advice could be laid before the House, which is probably worth considering. I am unsure if that would assuage some concerns because a cynicism and concern exists and it will emerge from time to time. It is appropriate that there is a final arbiter in the Supreme Court.

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