Simon Harris (Wicklow, Fine Gael) | Oireachtas source

I thank Deputies on all sides for their contributions today. This is a short Bill but we are all agreed that it is an important one. The joint committee of inquiry has identified these amendments as being necessary to enable it to do its work. It is important for all sides of this House to respond to that in a timely manner, as Deputy O'Brien said. When a request is made to enable an all-party inquiry to do its work, the Houses of the Oireachtas must act efficiently to assess that request and help where possible. That is what we are doing today and what the Seanad has already done.

The Chairman of the joint committee has stated that, once enacted, the legislation will provide access to Central Bank information for the committee's inquiry team. The joint committee will use this information to review and question the causes of the crisis, the crisis itself, and post-crisis actions. This is the first time that such access has been granted.

We have had a debate about confidential action, but this Bill is not making anything confidential or changing the status of matters that have been deemed as confidential by the Central Bank. We do not have the ability here to undo an EU legal framework on confidentiality and the Central Bank's structures. We do have the ability, however, to provide gateways enabling the committee to receive information that it otherwise could not access. That is the importance of this Bill. I have faith that the committee, as its Chairman has already outlined, will treat the information with the highest levels of confidentiality. Processes have been put in place, including a risk assessment, by the committee on how best to deal with that information.

I would like to respond to some of the issues that have arisen during the debate, one of which concerns the ECB. I understand there is still a possibility that the ECB will be able to contribute to the inquiry in some context. I have clearly heard the views of Members on this point. I am informed that the Chairman of the joint committee has written to the Governor of the Central Bank proposing a meeting to discuss the options available.

The most important element of the banking inquiry is its ability to obtain relevant information and documentation to support the inquiry process. It is quite important that we respect the independence of the inquiry in terms of how it wishes to go about its work. The Chairman has put in train a series of measures, including meeting the Governor of the Central Bank to explore opportunities concerning the participation of the ECB. I wish that process well.

Deputy Calleary asked if the Bill provided a basis for non-co-operation. It absolutely does not. The Bill opens a gateway and allows for the sharing of confidential information by current and former Central Bank officials. It enables, rather than inhibits, co-operation. The amendments before the House today remove an obstacle which had been identified by the banking inquiry.

I agree with a lot of what Deputy O'Brien said, including the fact that "What next?" is as important a question as "Why?" It will be a matter for the banking inquiry, but I am pleased to note that this is the route being taken. He talked about the link between finance and politics, which is an important point. I contend that we have taken a number of steps in the lifetime of this Government, to date, to try to break that link. They include reforms regarding corporate donations, State board appointments, and the new Lobbying (Registration) Bill. They are all important elements that we either have debated or can debate in this House on breaking that link.

Deputy Boyd Barrett asked why this information was confidential in the first place. I respectfully suggest that some of the questions Deputy Boyd Barrett asked would be better directed to the banking inquiry. It falls within that inquiry's remit to provide answers concerning the Central Bank and other State agencies' interaction with each other during the crisis and in the lead-up to it. From a factual and legal viewpoint, however, it is important to state that under the EU supervisory Acts the information collected by the Central Bank is subject to confidentiality. We are not in a position to alter that today because this country is bound by an EU legal framework.

What we are in a position to do today is put in place these gateways in order to allow the committee access to information. I reiterate what I said during my initial contribution to the effect that the Central Bank is co-operating with the committee, and the latter has acknowledged that fact. The legislation is designed to allow the bank to co-operate further.

Deputy Ross argued that there is no credibility if everyone cannot see the evidence. Perhaps it is the journalist in him, but that is simply not true. I do not believe people would dismiss the Honohan report as being anything other than a substantive item of work. Professor Honohan and those who compiled other reports made the point that supervisory problems existed. They did not need to say that whether supervisor A expressed concerns about bank B. We can have trust and faith in the process and in the fact that those elected by the people of this country who are serving on this inquiry on our behalf can assess information and present findings from which we in the Oireachtas can learn.

Deputies Creed and Jim Daly made a very fair point in respect of the broader economic collapse. The banking crisis was a massive factor in the context of the economic difficulties experienced by this country. However, it was not the only factor. Fiscal and economic policies pursued over a sustained period were also to blame. The introduction of a spring statement by the Government will provide the House with another opportunity, in advance of the budget, to examine the current economic circumstances of the country. It will also provide an opportunity for structured debate in respect of spending plans going forward. In that sense, it is welcome. I join the Deputies in wishing the Joint Committee of Inquiry into the Banking Crisis well.

I thank Deputies and the Members of the Seanad for facilitating the speedy consideration of the legislation in both Houses. I again commend the Bill to the House.

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