Thomas Pringle (Donegal South West, Independent)

The report of the commission of investigation into the banking sector in Ireland appears not to lay any blame on any individuals or institutions for the collapse in the banking sector and the economy. That is not the case. The blame lies squarely on all the bodies involved in Irish banking - the Government, the Department of Finance, the Central Bank, the Financial Regulator and the actual banks.

It is beyond belief that nobody knew what was coming or that it had not been signalled. Rather it seems there was a culture of preventing a paper trail by giving verbal briefings on the difficult issues with a consequent lack of proper record-keeping by the parties at those meetings where verbal advice was given. Previous reports have highlighted the lack of note-taking at meetings. The Nyberg report criticises the lack of record of what was discussed at the fatal meeting in September 2008 when the bank guarantee was introduced.

The report states that if accurate information on the banks' exposure had been available at the time steps could have been taken to mitigate the extent of the disaster. However, at a later stage in the report it is stated there appears to have been a market perception that the Irish banks were excessively exposed to the property market and the consequent risk of bad debt. If the markets were aware of the problems, looking in from the outside, the information had to be freely available. The only conclusion is that the political will was that nothing should be done and the party should continue. I believe, as is stated in the report, the notion that a great number of people in very responsible management and watchdog positions insisted until the end they had no idea that a serious and acute problem existed is not true. They chose to ignore the signs.

The Government must ensure the culture of shooting the messenger is never again allowed to carry the day. The most worrying part of the entire report is that contrarian views were marginalised and people who were concerned stayed silent to avoid sanctions. People believed they might lose their jobs if they spoke up. When the Taoiseach of the day could tell people who expressed concern they should commit suicide huge pressure was placed on those who had concerns to stay silent. That feeling was strengthened.

The Minister missed two very important recommendations in his summing up of the report. The most important reforms that should come out of this include proper record keeping of verbal communications and meetings not only to protect the taxpayer, but also the advisers or officials who may be blamed for saying that they did not give certain advice. Also, a proper system is required that encourages debate and discussion of other outcomes, that does not in any way penalise the contrarian view but which gives such views a fair hearing and which ensures a reasoned argument outlining why certain advice is discounted. This is obviously necessary. It has been outlined extensively in the report and should be taken on board by the Government. I appeal for these two recommendations to be added to the Minister's recommendations.

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