Michael McGrath (Cork South Central, Fianna Fail) | Oireachtas source

My time is elapsing quickly so I want to conclude the points that I have wanted to make.

I agree that any commission of investigation that is established — we believe there should be one — has to be structured in a manner that will give it the best prospect of success. We do not propose that a commission of investigation should go down every rabbit hole and examine every transaction in which NAMA has been involved because it would simply get lost and end up being a bonanza for the legal profession. That is certainly not our position. A commission needs to be focused and structured in a manner whereby it can actually succeed because it would be operating within legal constraints.

It was in June 2015 that a commission of investigation into certain transactions of IBRC was established. Where is that now? We were told at the time it would conclude by the end of that year. We are now being told that an inquiry much narrower in scope is likely to conclude by the end of this year. Last October, the Taoiseach told all the party and group leaders whom he met that a commission of investigation into Project Eagle and NAMA would conclude by the end of this year. I am not sure anyone believes that now given that it has not even been established.

Admittedly, we must learn the lessons from other investigations that have run into difficulty. I have made the point before that we still have to find the best method in Ireland of investigating issues of this kind. There is a tribunals of inquiry Bill from 2005 that is still not enacted. It proceeded to Second Stage in November 2007 and Committee Stage in February 2009. It drew on the report of the Law Reform Commission with the objective of streamlining and making much more efficient the tribunal of inquiry process. It has gone nowhere. The legislation has not been enacted and has not been concluded. It should be.

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