Richard Bruton (Dublin North Central, Fine Gael) | Oireachtas source

Equally, it is important that the way in which those write-downs are done is fair and is not giving undue favour to anyone, which is absolutely enshrined in these terms of reference.

Paragraph 2(b) of the terms of reference deals with material deficiencies in the performance of functions by those acting on behalf of IBRC. Again, this is going to look into the way in which individual accounts were dealt with to see whether they were properly dealt with. Paragraph 2(c) seeks to determine whether the transactions were commercially sound. The focus has mainly been on one deal, but the terms of reference seek to examine whether a commercially sound process was adopted in other cases. Paragraph 2(d) addresses the issue of whether preferential terms were given to some individuals rather than others, which is at the heart of the terms of reference. With regard to each transaction, there has been a lot of talk about the role played by the Department of Finance. It is very clear under paragraph 2(f), which states "in relation to each transaction under investigation, whether the Minister for Finance or his Department was kept informed where appropriate in respect of the transactions concerned," that, again, this is being investigated. The terms of reference also state that "where a contractual obligation was agreed during the Relevant Period but not executed until after the Relevant Period," that too can be investigated.

This is a very full and open inquiry. The Minister has carefully put together these terms of reference so the public can get to the bottom of this. I can understand, given that Anglo Irish has had such an impact on the lives of ordinary people, that there is an absolute expectation that when issues of public concern arise, as they have in this case, there would be full transparency. I believe that is what the Minister is providing here. It is part of a wider transparency that I am proud of in respect of this Government. We have pushed ahead and pushed out the boundaries of transparency, although that is often not recognised. We have moved a long way from where we were back in 2011. We now have the extension of the freedom of information provisions, legislation dealing with whistleblowers and lobbyists and powers of investigation for Oireachtas committees. Yes, we would have like to go further, but the people in their wisdom decided in a referendum that this should not occur. We are increasingly seeing powerful bodies being held to account, whether by HIQA or by others. That is part of the new maturity of this country in its approach to holding authority to account.

I believe the approach taken by the Minister, Deputy Noonan, in this regard has been sound. He has steered us through the banking crisis that deluged this country, brought so many businesses, homes and people to their knees and saw so many dreams shattered. We have seen the liquidation of Anglo Irish Bank, which was the most rotten apple in the barrel. We see other banks now back in a position in which they are lending again. It is gratifying to see that, although the banks are not what we would want them to be, their refusal rate to small business has halved and there is at last some growth in credit coming from the banks.

I believe we have the basis on which to build our economy. Without the approach that the Minister, Deputy Noonan, has taken to the banks over recent years, we would not have 105,000 extra people back at work today, which is the real vindication of this strategy. When we ask what the main issue was in 2011 when we were forming a new Government, the issue was that people thought their job would be the next to go and that no business or job was secure. We have now reversed that. One must look at where we were expecting to be. I remember being accused from the benches opposite of being ridiculously optimistic when saying we would have 100,000 people back at work by 2016. It was said that this was not built on sound foundations, yet we have delivered it. The reason we did so is that we have pursued coherent strategies on the jobs front, the banking front and the public finances front, and we have brought the country through those difficulties.

This is a time to reflect on the profound factors that led to the Anglo Irish Bank situation and to make sure these never occur again. That will be the legacy, in that we now have a more open approach to challenging banks and challenging authority. The Minister, Deputy Noonan, has been at the heart of a strategy that has opened up greater accountability. This is the correct approach. As we enter the final acts in respect of Anglo Irish Bank, people can be reassured that taxpayers' money has been properly handled, that the principles underpinning this have been fair and without discrimination, that proper professional standards have been applied and that this has been done in a proper and reasonable way.

I welcome the decision of the Government. I hope the terms of reference, which I believe are balanced and appropriate and will give us a result by the end of the year, are an approach that will commend itself to the House.

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