Marc MacSharry (Fianna Fail)

I welcome the Minister of State and I am glad to have the opportunity to make a couple of points on this most important issue. I thank the Opposition for using its Private Members' time to debate this issue because it is the single most important matter facing the country. We cannot overstate the unprecedented nature of the position we are in.

In recent days, I made a point in the House quoting Dan O'Brien who is with the Economist Intelligence Unit of The Economist. He is an Irishman based in Geneva and one sees him from time to time on various programmes. Recently, he made an analogy on where we are at present when the entire international banking system has seized and collapsed. We are all at point A, which is an earthquake zone where one must keep one eye on the sky or roof for fear something might fall on us and one eye on the floor to ensure we do not lose our footing as the ground is moving. We are trying to get to point B but nobody in the entire planet has managed to identify where is point B and nobody has been able to identify what vehicle or path should be used to get there when one identifies where it is. Dan O'Brien also stated that the most prudent moves, therefore, are to take baby steps in approximately every direction.

I like this analogy because it appears to be what is happening internationally. Recapitalisation has been tried as have guarantees. The idea of an aggregated bank or insurance scheme has been mooted. However, it would appear that the market adjudicating on all of these issues has given mixed signals and we continue to try to evolve a solution to the international crisis in which we are.

I support the Government amendment to the motion. As this situation has evolved the Minister of Finance and the Government have taken the appropriate actions. We had the guarantee scheme, the nationalisation of Anglo Irish Bank and recapitalisation to try to restore a level of confidence to the financial system. Other problems emerged along the way.

With regard to Anglo Irish Bank, the palpable anger and frustration among the public is fully understandable. I share it. I am angry and I want a pound of flesh. I want people to be punished for any wrongdoing which was carried out. In this country, as all the criminal lawyers in the House well know, we have what is called "due process". As I stated on other occasions, it is not possible to return to medieval times and set up a guillotine on Leinster Lawn or in St. Stephen's Green and begin beheadings based on our opinions, which may be justified ultimately, of an individual's guilt or wrongdoing.

Due process takes time. Today or yesterday on the Order of Business Senator O'Toole pointed out that if a murder is carried out often it may be two years before somebody is convicted albeit that he or she may have been arrested on the day the murder was committed. Due process will take time. I am as anxious as any self-respecting Member of the Oireachtas of all parties and none who want to see justice done. We are going through the appropriate measures in terms of the Office of the Director of Corporate Enforcement, the Financial Regulator and the various agencies within the Garda Síochána. We saw a quite public display of that yesterday as part of that due process. However, I am afraid it will not be possible to increase the speed or have lynchings at dawn to satisfy the desires of those who are effectively expressing personal opinions. Although the evidence is very compelling, we must have due process. Due process will occur.

I would like to see us maintaining some agility and an ability to improvise and adapt to the ever-changing environment. The rate and type of change over recent months have been simply inconceivable and nobody could possibly have predicted the magnitude of what has gone wrong in international financial markets and in terms of asset values, nationally and internationally. There is no question that substantial mistakes have been made. Ireland is no different from anywhere else in this regard. If we knew some time ago what we know now, different steps would have been taken.

I agree with Senator Alex White that it would be wonderful to have a single regulatory measure or recommendation to solve all problems but I regret this is not possible. The numerous points being made in the amendment are vital. It is clear we will need some kind of pan-European, if not global, set of basic rules to which we must adhere from now on. Until we have this and follow the rules globally, recovery will be a step further away than we desire. I share Senator Alex White's sense of urgency in wishing for us to identify a regulatory measure but unfortunately we can only play our part in a European and global context. I would like to see this addressed as a matter of urgency but I welcome the measures that have been adopted thus far.

While we are all angry over how business was conducted over recent years, we must acknowledge there are many good people working in our banking system. Their morale is particularly low at present. We should spare a thought for the vast majority of personnel who work within the industry in Ireland because they have done their jobs to the best of their ability.