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

I thank the Ceann Comhairle and the members of the Committee on Procedure and Privileges for the work they have done in examining the proposal over recent weeks resulting in tonight's motion. I also thank the Whips for accommodating the speaking time this evening.

Today is an important day. Later this evening when we agree the motion to empower the banking inquiry committee to conduct an inquiry under Part 2 of the new legislation, we will be putting in place a parliamentary inquiry that has been established to compel and bring members of the public and those involved in financial institutions and other areas before this House to give a public account of their role in the biggest financial crisis the country has ever faced. Once that parliamentary inquiry is established later this evening, it will have those powers and most importantly it will have the powers to make findings of fact.

While significant preparatory work has been carried out by the committee and the secretariat over recent months, we recognise the huge volume of work ahead of us. Although we are ready for that work, it is a challenging job, as has been mentioned in many contributions.

At this part of the journey it is fair to say that we still do not have a full picture of the events leading up to, during and after the crisis. However, at the beginning of this journey, the responsibility rests with us, as a committee, to put the pieces of the jigsaw in place so that a full picture emerges.

This will be the first time an examination of what caused the banking crisis and the decisions made at the time will be looked at in public. A key element is that the inquiry should and will be conducted in an open and transparent manner. This will allow for a first-hand account to be given by people involved in one of the major events in the history of the State. Most importantly, it will allow the people of Ireland to see and hear those called on to give their evidence in public.

With the committee going about its work, it is important that we do not just confine ourselves to learning lessons about the past, but we must also look positively to the future. This inquiry will enable us to do just that. This is necessary to ensure that the crisis is not revisited upon us again.

The people have waited a long time for this inquiry to be established. Today is just the first step on a journey of work which I believe is an opportunity to demonstrate that the Irish Parliament can hold a fair and balanced inquiry to find answers to many key questions that remain to be answered about the banking crisis. To do the job we have been given, it is necessary that we, the Members of the Oireachtas and the public, approach this inquiry with open minds.

Nobody has a monopoly on wisdom and no one should pre-judge the outcome of this inquiry. This inquiry is an opportunity to demonstrate an example of a Parliament at its best. It is an opportunity for us to leave our club jerseys at the committee room door and do an important job on behalf of the Irish people. God knows, they have waited long enough for it and deserve nothing less.

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