Andrew Doyle (Wicklow, Fine Gael) | Oireachtas source

I welcome the opportunity to speak briefly on this matter. Like the Leas-Cheann Comhairle, Deputy Michael Kitt, I was in the House in 2008 when the infamous night of the bank guarantee came to pass. I recall how we were all overwhelmed with shock and, to a certain degree, panic. None the less we tried to salvage what was a disastrous position. It is ironic that in another part of this House there is an ongoing inquiry into the banking crisis, a proposal regarded cynically by some people opposite when it was established. However, it has proven to be very effective and it is to the credit of all members of that committee that it is carrying out its functions so diligently. Following the bank guarantee we saw the establishment of IBRC and then €34 billion was pumped in. The obligation on IBRC was to redeem as much of that money as possible in the interests of the taxpayer.

The chain of events is well documented. When concerns were presented in 2012 about the sale of the Siteserv, the responsible civil servants could have done what civil servants and Ministers are sometimes accused of doing, that is to say, they could have said the relationship was already set up and there was nothing they could do about it. Instead, the Minister and his Department officials acted. It would be interesting to know whether, in respect of the relationship arrangements being set up in July 2009, senior officials in the Department of Finance were given any opportunity to express a point of view. It would seem they were told that it was being done in a given way, although I have no proof of that. I can understand that to a certain degree the rationale was to keep at arm's length the workings of IBRC from any political interference from any Minister of the day, and for good reason. Instead, the Minister and his senior officials took an active and concerned interest in what went on. It was sometimes heated. On foot of a review in June 2012 they got assurances from the then chief executive and chairman, who had a fiduciary responsibilities and had to take those responsibilities seriously.

We are now moving on to what is probably going to be a quick and efficient method of trawling through the records. This will be overseen by a reputable former member of the Bench. If anything comes out of that then let us have a full inquiry, but what is the point in kicking something into an inquiry that will have no result until this time next year, or perhaps beyond, and at a considerable cost, when the facts are clear? Any facts or concerns raised were presented or divulged by the Minister and his officials.

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