David Norris (Independent)

——and that the banks were guilty of the irresponsible leverage situation. When I heard those two voices agreeing, I said to myself that there is no need for me to worry because I am happy to admit my lack of understanding. However, I now believe the problem is capitalisation, as several people here have indicated. There is now a discordance between the regulator on the one hand, who has said that the banks are properly capitalised, and the instinct of the stock market on the other hand, which clearly does not believe him. This is a matter of confidence and if we are to restore such confidence, it behoves the regulator to come out with more clear, solid factual information. If he is right, this will restore confidence. If he is not right, then we should know it now. Various European governments, having criticised Ireland for the action it took last week, are now all following us. That suggests we have done the right thing.

With regard to the Morris tribunal, I welcome the report of the very distinguished judge but like some other colleagues, I was very surprised by his comments in the report. He referred to wild claims, but there were wild acts. Members of the Garda Síochána were planting bombs, mixing sodium chlorate in coffee grinders, suborning witnesses——