James Bannon (Longford-Westmeath, Fine Gael) | Oireachtas source

Discussion in this House so far has been limited on the matter and therefore I am very pleased that we now have the opportunity to debate properly the commission of investigation into IBRC. This commission of investigation has dominated the national airwaves, print and social media in recent weeks. I firmly believe that the Government's recent decision to establish a full commission of investigation into IBRC is the right decision. It is a clear example that the Minister for Finance and the Cabinet are listening to the significant concerns of the public and this House. All of the decisions, transactions and activities entered into by IBRC between 21 January 2009 and 7 February 2013 will be fully investigated and scrutinised to the last detail. That is something I very much welcome. The fact that an independent person, a retired High Court judge, Mr. Justice O'Neill, has been appointed to assist the special liquidator is important as it adds to the transparency and credibility already present in the commission of investigation. I was pleased to read that the commission will also facilitate a broader scope of inquiry which will enable the interviewing of witnesses and the investigation of matters, such as the trading of shares, which cannot adequately be investigated based only on a review of files held by the IBRC.

In recent days, a number of people have asked me why the Government did not take the decision to establish a commission of investigation before now. I believe the answer is a fairly straightforward one. Since the Minister asked for a review to take place, new allegations have been made which have increased public concern. Equally, the litigation arising from the publication of these allegations has perhaps added more fuel to the fire. Therefore, taking these new developments into account, the Government has rightly felt it necessary to establish a commission of investigation and it is right to do so. I fully agree with the Minister's recent remarks that the commission will be effective and allow Mr. Justice O'Neill to deal with all the issues that have been raised. After all, the investigation becomes the sole responsibility of Mr. Justice O'Neill, following the terms of reference being signed off by the Cabinet.

I also fully agree with the comments recently attributed to the Governor of the Central Bank, Professor Patrick Honohan, about burning Anglo Irish Bank junior bondholders and saving the taxpayer up to €300 million. Ordinary people felt the pain and suffering of the banking crisis and the people in the midlands, in Longford-Westmeath, probably felt it most. They cannot be made scapegoats for the greed of gamblers, bankers and those who frequented the Galway tent when it existed, and others who let them down. Professor Honohan has pointed out that the sum involved is not too big in the grand scheme and he believes it is worth a legal battle.

He is correct and I urge the Minister to consider this advice as a course of action when the issue of junior bondholders arises.

I remember listening in this Chamber to the casual approach taken by Fianna Fáil Party Ministers and Deputies towards the banking crisis and the creation of the toxic Anglo Irish Bank, which became a symbol, both at home and abroad, of the reckless mismanagement of the banking system and wider economy under the watch of Fianna Fáil. It was this shrugging of shoulders attitude that resulted in the previous Government being required to pump €34 billion of taxpayers' money into Anglo Irish bank. Taxpayers will not see 1 cent of this money again. The haunting spectre of Anglo Irish Bank became a stain on our international reputation.

It is also important to note that, under the loose relationship framework introduced in 2009, there was no requirement for the Minister of Finance to be notified of deals such as the Siteserv arrangement. The Minister took the correct decision to replace this framework three years ago and, as a result, the revised relationship framework ensures the Minister now has greater oversight of IBRC activities.

I found it hard to listen to some of the contributions of Opposition Deputies for the reasons I have outlined.

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