Ciarán Lynch (Cork South Central, Labour) | Oireachtas source

Today, we as parliamentarians are being provided with an opportunity to demonstrate that this Parliament can carry out a fair and balanced inquiry that will answer many of the key unanswered questions behind the banking crisis that has impacted heavily on Ireland and the people.

The people have waited a long time for this inquiry to be established. Today is the first step and a journey of work remains ahead of us. I acknowledge many of the comments made in today's debate about public expectation with regard to this inquiry. It will certainly not be a replacement or a substitute for, or an alternative to the courts. This is an inquiry that will operate within its own terms of reference.

First, the committee must draft an inquiry proposal and terms of reference, and develop an inquiry plan. It is then a matter for the Committee on Procedure and Privileges and the Houses to approve the inquiry proposal. Today, we are at the beginning of a process, not at the end. While an inquiry has been long in coming, I urge people to be patient as we prepare for the public part of that inquiry. As we move on, certain aspects will draw further media attention, but there is a job of work to be done to prepare to be in that space and I ask people to be prepared in that regard.

This is the first time that an inquiry of this type will be carried out under the Houses of the Oireachtas (Inquiries, Privileges and Procedures) Act 2013 and it is an opportunity for our Parliament to demonstrate that it can carry out a fair and balanced inquiry to answer the key questions that remain behind the banking crisis. It is crucial that the inquiry should be understandable in what it will set out to achieve and measurable in its objectives and terms of reference. A key element is that the inquiry should be conducted in an open and transparent manner.

It is incumbent on us all to ensure that this parliamentary inquiry is communicated as widely as possible using the many public information services such as Oireachtas television, a dedicated parliamentary inquiry website, webcasting and social media. The benefit of doing so is that it allows for a first-hand account to be given by those involved in one of the major events in the history of the State and allows the people to see and hear those people called on to give their evidence in the public domain.

The inquiry must have clearly set out timetables and timeframes. It must not just look to the past, but must examine how our current systems are operating and ensure that we have a financial services infrastructure, along with oversight institutions, that are robust and fit for purpose into the future. This will ensure that the crisis is not revisited upon us again.

We need to approach this inquiry with open minds. Nobody has the monopoly on wisdom and no one should prejudge the outcome of this inquiry. This inquiry gives us an opportunity to demonstrate an example of Parliament at its best. It is an opportunity to leave our club jerseys at the committee room door and do an important job of work on behalf of the people.

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