Kieran O'Donnell (Limerick City, Fine Gael) | Oireachtas source

I am pleased to contribute to this debate. The people have experienced extraordinarily difficult times in recent years. In large part the causes are rooted in the financial meltdown triggered by the failure of the banking system. Despite the trauma inflicted, we still have not fully uncovered the truth of what happened in the banking system. Until the source of this crisis is fully examined, the people will not have the security of knowing that there will not be a repeat of the trauma they suffered. It is like walking away in a daze from a car crash but not knowing who or what caused the crash. The people want to know, they are entitled to know and there will be a benefit from knowing. It may be that we cannot fully move on without knowing. For the sake of the nation and of the people, we need the key actors in the financial crisis to explain their roles in public and to speak about their roles during the period in question. The banking inquiry will be a watershed moment when this truth is fully uncovered. The people must be given the truth and they must see that their public representatives can get to the truth on their behalf. Members of both Houses of the Oireachtas are here because they want to carry out public service and to use their skills in this area. The committee members have the skills to deal with the technical issues to which Deputy Ross referred.

I was present in the House on the night of the debate on the legislation for the bank guarantee on 30 September 2008. The House was informed that night that the banks' assets were greater than the banks' liabilities by up to €100 billion. Despite this, the public ended up taking on board the banks' liabilities of up to €64 billion. We need to know why this happened. It is not sufficient to focus on the bank guarantee because we must examine the events that led up to the guarantee and the consequences for the people of the financial crisis afterwards.

I commend the Government on introducing legislation to permit parliamentary inquiries to take place with the benefit of investigation and compellability. My colleagues, under the chairmanship of Deputy Lynch, will show that it is the most efficient and appropriate forum.

It will get to the truth on behalf of the Irish people, who are entitled to no less.

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