David Norris (Independent)

I agree with the principle of Senator Doherty's amendment. It seems to me that accountability and truth are needed. It is sometimes difficult, without probing, to find out what is the truth. Although I had made arrangements, at considerable difficulty, to get here this evening, the imposition of the guillotine that was decided on by the House meant that I was not permitted to speak. I got here in time to hear the Minister for Finance say that all the principal representatives of the Department of Finance, the Financial Regulator and the Central Bank have advised him to take this course of action. That was categorically refuted in a substantial article in today's The Irish Times, which was written by Professor Morgan Kelly, who is a professor of economics in University College Dublin:

At the original crisis meeting on September 29th, Brian Cowen claimed that the blanket guarantee to all six banks was given "on the basis of the advice from those who are competent to so advise the Government". That does not appear to have been the case.

There is a very serious conflict of evidence between what was written today by a senior academic — a professor of economics who claims to have insider knowledge of this matter — and what we are being told in this House. That is why we need this kind of accountability. Professor Kelly's article argues that this Bill will expose the Irish taxpayer — the ordinary person on the street — to the possibility of a considerable loss. It suggests that if we decide not to rescue Anglo Irish Bank, but instead put all our efforts into rescuing the two principal banks, we will save the taxpayer money. Professor Kelly points out that in any case, Anglo Irish Bank is financially guaranteed by international insurance institutions that can take the hit. His article claims that the value of the commercial property involved would have reached approximately zero, but so what? Professor Kelly has reached the conclusion that "an Irish government has coolly looked its citizens in the eye and said: "Sorry, but your priorities are not ours"." Proper accountability is needed for those reasons. Once again, legislation that was presented to the House to deal with a serious matter is being rushed and guillotined. There is no consensus that the Government has taken the correct measures to deal with the issue. The Oireachtas is not being treated with the seriousness it deserves. For those reasons, I am happy to support Senator Doherty's amendment.