Ivana Bacik (Independent)

I also support the amendment. It is an excellent idea that this sort of measure would be adopted. We have all agreed, on both sides of the House given the speeches I have heard in the debate, that accountability is key and that those at the top of Anglo Irish Bank responsible for effectively poisoning the entire banking sector in the State should be held accountable.

Issues of criminal law unquestionably arise and I was glad to see weekend reports that the fraud squad is investigating. However, what we heard tonight from the Minister is that it was not up to him whether investigations were carried out by the Director of Corporate Enforcement or by the Director of Public Prosecutions and so on, about which he is correct. This is where the amendment fills a gap. The problem is that the Minister has effectively dismissed the idea that he should take action to restore confidence in the integrity and accountability of our bankers, or that he should have any role in this regard. What the amendment clearly does is give the Minister and the Oireachtas a role in appointing an inspector to investigate whether affairs have been conducted with intent to defraud, in other words, whether fraud has been carried out, and therefore to render much more transparent the dealings of the bankers at the top of our banking system. This is the sort of move that is required of the Minister and the Oireachtas to restore confidence in the banking system.

Many of the problems with Anglo Irish Bank in recent days, which were apparently the reason for the legislation itself, arose because many people were no longer willing to be associated with a bank that had become so closely identified with malpractice, and they were withdrawing money due to a lack of confidence and trust in the bank. That is key to this problem.

Many at the weekend were comparing Anglo Irish Bank to Ireland's Enron. Again, there is an issue in this regard. If this is our Enron, then just as people were held accountable for what happened in the United States, so people should be held accountable here for what has happened with Anglo Irish Bank.

The Minister of State spoke about being at the Galway races among people with an interest in horses. There is an element in this debate where we are effectively looking to close the stable door after the horses have bolted — given the Minister's interest in horses, he may have an interest in that analogy. On a more serious level, it is very important to seek to restore confidence, which is key. The run on Anglo Irish Bank and the withdrawal of their money by depositors was due to a lack of confidence and the desire not to be associated with malpractice.

We need to restore confidence from the top. The fraud squad, the Director of Corporate Enforcement and the DPP should investigate, but this is a way in which we in the Legislature, and the Ministers in the Cabinet, can be seen to be acting to restore confidence in the banking sector from the top by ensuring greater transparency and accountability. I urge the Minister of State to accept the amendment.