Heather Humphreys (Cavan-Monaghan, Fine Gael) | Oireachtas source

It is important to consider that before we had IBRC, we had Anglo Irish Bank. It is important to consider how this Government was left to clean up the mess of Anglo Irish Bank. It is important to remember how the previous Fianna Fáil Government pumped €34 billion of taxpayers' money into a dead bank and how the policies adopted by that Government allowed Anglo Irish Bank to get completely out of control. Indeed, it is even worth considering how that same Fianna Fáil Government deliberately set up the nationalised Anglo Irish Bank at an arm's length from Government. The Minister for Finance, Deputy Michael Noonan, decided that arm's length was a little too long and as a result of his concerns he revised the relationship framework with Anglo Irish Bank's replacement, IBRC. Deputy Michael Noonan has been taking painstaking steps to systematically clean up the mess left by the previous Government. As such, I find at best it a little rich for us to be taking lectures on this matter. It is almost ironic for Fianna Fáil to be demanding scrutiny now when it deliberately designed a framework to keep Government at a distance from the running of the bank. It is yet another example of history being rewritten by the previous Government. We are all still paying for reckless mistakes and this Government is certainly still cleaning up after it.

It was never going to be easy to unwind the toxic legacy. By liquidating Anglo Irish Bank, the Government consigned one of the worst elements of the crash to history. Anglo Irish Bank and Irish Nationwide Building Society were synonymous with the appalling approach taken by the Fianna Fáil-led Government to the banking crisis. It will take a long time to put right the damage done. The promissory note deal has been widely accepted as a key step in stabilising the public finances. Through a series of calculated steps, the Government has saved taxpayers tens of billions in borrowing requirements over the coming years. Throughout this process and as our banking system was rebuilt brick by brick, the Minister, Deputy Michael Noonan, has shown tremendous leadership. His eyes have always remained on the prize of putting this economy on a sustainable path and recovering as much money as possible for the taxpayer. At the end of this process, we want a thriving, competitive banking market, which delivers the best possible value for taxpayers.

None of this means that the transactions at IBRC should not be scrutinised. We must address the concerns raised inside and outside the House to ensure that we are getting the best possible deal for taxpayers. As we do so, however, we must remember where we have come from. We must remember why IBRC was set up in the first place and we must continue to ensure that the sacrifices made by the Irish people are not wasted.

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