Dominic Hannigan (Labour)

Senator Ross is correct and sums up the reason why we need the appointment of inspectors as outlined in the amendment. Senator Bacik referred to Enron and said this could be Ireland's Enron. There is no doubt this is probably the most expensive economic mistake that has ever occurred in the country. It is ludicrous to pass this Bill without providing for the appointment of some investigators to see how we got into this situation. It is not difficult or expensive to make such a provision and it should be carried out as part of due process. I do not believe the Minister of State or the Minister for Finance know exactly why the bank is in this situation. We must learn lessons. There has been a breakdown in procedures and there are questions about whether due process has been carried out by the management of the bank. We do not know what has occurred and no one can provide reasons or answer why the bank is in this situation.

We are asking the people to put up a good deal of money to purchase the bank. It is important that others pay for the mistakes they have made. If fraud was committed it would be uncovered by an investigation and steps could be taken to ensure the perpetrators were brought to justice. This is what they and the Irish people, if it is to bail out this bank, deserve. We need due process and we must ensure those who have committed fraud are brought to account. Until we do that it will be very difficult to get confidence back in the Irish banking system. For these reasons and the reasons outlined by my colleagues I urge the Minister to accept the amendment.