Mattie McGrath (Tipperary South, Independent)

This is another costly and expensive report that tells us little or nothing we did not already know. Mr. Nyberg has concluded that a national speculative property "mania" led to the Irish lending splurge. He has found that the banks engaged in lending to the point of self-destruction. He has failed to attach any blame to the various players. To the best of my knowledge, the players in question were individual bank board directors and executives; internal and external auditors, who seem to have done nothing; former Central Bank regulators; banking recruiters; and individual politicians and political parties. There is no point in passing the buck as it has been passed for long enough before we came to this sorry stage. I know the electorate will be disappointed with the new Government, which made many commitments and promises but has adopted the same policies that were pursued before the general election.

Fundamentally, Mr. Nyberg has suggested that the various players in this crisis, like the nation as a whole, invested in the frenzy and played a role in the boom and bust cycle. I do not think that is true. I do not believe ordinary citizens played any role in it. Given that they had no say and no involvement in this affair, it is outrageous that they are now being asked to take the full blame for it. The production of the report cost €1.3 million. It is another report on top of previous reports. What is wrong with us? Why can we not get to the bottom of the matter? Why can we not come clean? Why are we not honest with ourselves and with the public? As it is Holy Week, it is not good enough that the ordinary men, woman and children of this country are being crucified. The people will not tolerate it.

This is the latest in a series of toothless reports about the financial crisis. Certain investigative journalists have done more and better work to examine the causes and to identify the sources of the crisis. I am disappointed that the Garda Síochána has not brought charges against anybody. We seem to be trudging along with an intolerable debt that we have no way of repaying. I am aware of people involved in community groups and ordinary business people who are putting their hands in their pockets to try to pay their wage bills, maintain people in jobs and keep society afloat. The banks are not lending a shilling to anybody. They are not laughing all the way to the bank anymore - they are laughing at us because they are getting away with so much. They know they are getting away with a great deal, yet there does not appear to be any desire to require accountability. On the contrary, senior bankers and regulators are being rewarded for not doing any work and people are being constantly paid off. This approach is sick and would be laughable if it were not so serious.

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