Robert Troy (Longford-Westmeath, Fianna Fail) | Oireachtas source

I welcome this opportunity to speak on this important motion and I compliment Deputy Murphy on bringing the issue to the fore in the public arena. Very often in politics perception can be confused with reality. A number of very serious questions remained unanswered despite freedom of information requests, several parliamentary questions and the issue being raised copious times by our leader during Leaders' Questions. I will refrain from discussing my opinion on what happened in the lead-up to the deal and the deal itself.

Given the level of uncertainty, and the mistrust between the Department and IBRC, there is an urgent need for the issue to be dealt with in an open and transparent manner.

When the Government came into office, it promised that everything would be dealt with in an open and transparent manner. There is a perception of sweetheart deals and we want to ensure that it did not happen. We want to ensure no favourable treatment was afforded to certain individuals because of their relationships with members of the Government and we want to ensure there was no insider trading. A State-owned financial institution was dealing with a commercial entity. The primary aim of a commercial entity is to make a profit. We want to ensure that what happened was carried out in an appropriate manner, that there was no favourable treatment and that the best value for money was returned to the taxpayer. The only way we can ensure this happens is for a fully independent investigation under the Commissions of Investigation Act to be carried out. This would ensure it is removed from all levels of uncertainty. In my constituency office, or walking down the streets of Mullingar, Longford or Athlone, I meet people and they ask me why a big business can get a €100 million writedown but they cannot afford to pay their mortgages to keep the roof over their heads. Why is there one treatment for a State-owned financial institution or big business and different treatment for the ordinary individual trying to keep a roof over the family? We have repeatedly raised the issue of 300,000 people paying in excess of 2% above the average interest rate in the rest of the EU. Why is that happening while big business gets a reduction of €100 million in a sweetheart deal? It is important the Minister comes out and ensures openness and transparency so that everyone can have confidence. There is no confidence at the moment.

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