Alex White (Labour)

At that time my party argued, in trenchant terms, that there was no requirement to amend the Constitution in order to implement the principal recommendations made in the Kenny report which was published 35 years ago. These issues were canvassed and debated during the lifetime of the last two or three Administrations. It is not satisfactory for those opposite to simply state they are not to blame and that everything happened around them and that they had nothing to do with it. That is simply not the case.

Regardless of who is in power, the Government retains principal responsibility for what happens in respect of any matter. It has such responsibility with regard to oversight, regulation and monitoring, particularly in the context of the financial institutions. When I studied economics many years ago, I came to understand that the banking system worked because we had a strong Central Bank and that this was the real legacy in respect of what happened 50 or 60 years ago in countries across the globe. I also came to understand the bank had functions in respect of regulation and monitoring and was in place to ensure the financial institutions and commercial banks did not engage in excesses. If one drove through Rathmines five years ago, one might have seen a billboard outside a particular institution inviting people to take out 100% plus mortgages and that if they did so, they would be given a new car. Members of the Government knew there were these excesses. It is not enough to state we did not think this behaviour would have the impact it appears to have had.

Senator Boyle has stated the notion of long-term economic value is bedevilling the debate. Long-term economic value is the essence of the debate on NAMA. I love the Minister's references to ideology and his condescending statements to the effect that the Labour Party holds a certain view on nationalisation because it is bedevilled by ideology. The real ideology relating to this matter is that of certain people, including the Minister, who will do anything to avoid nationalisation. These are the very individuals who will proceed to nationalise the banks in six months' time. That is the problem for the Minister.

I do not want to be excessive by using the word "countless" but I could certainly refer to quite a few comments made by the Minister, particularly during the course of the crisis that occurred 12 months ago-----