David Norris (Independent)

Once again the entire Order of Business is consumed with our financial woes, and that is highly appropriate. As far as I can see, it is not being done on the Order of Business anywhere else. That shows the significance of this opportunity to discuss these matters and to be relevant. This is not a drip, drip situation but a splash, splash one. We are being inundated with bad news.

The Minister for Finance is a decent, highly intelligent man who has a huge and unenviable responsibility. Clearly, he is working around the clock and has behaved with considerable dignity under enormous pressure. However, there are questions. I am not mathematically gifted or an accountant but I can see that €7 billion was passed covertly between two banking institutions to mask a problem and deceive the shareholders. That was at a time when that investment, if one wants to call it that, was not covered because the guarantee scheme had not come into place.

We were told the Minister did not read fully the brief, which is unusual, especially for a barrister. It is was left to his officials who passed it to the Financial Regulator. There is a broken reed if ever there was one. Passing it to that busted flush would not guarantee any confidence but, in any case, they did so and the Minister was not told.

We were told this was a routine matter and that issues were raised with the regulator almost daily but not issues such as €7 billion. Senator Rónán Mullen appeared to represent this as insignificant. It is only insignificant in the sense that it is off the radar as far as most people are concerned. I cannot imagine what €7 billion is.

Due diligence——