Alex White (Labour)

Senator Donohoe raised the statement by the Governor of the Central Bank, Professor Patrick Honohan, before the Joint Committee on Economic Regulatory Affairs yesterday in which he argued that an inquiry into recent developments in the banking sector was required. I strongly support the Governor's position. Professor Honohan also stated he was sure the average discount to be applied to the €77 billion loans acquired by the National Asset Management Agency would be different from the 30% estimate provided in September. We know already that the basis on which we are operating is wrong and will need to be updated. We have been informed by Government spokespersons that it will be necessary to invest further State money in capitalising the banks. We must, therefore, conclude that in analysing the budget this week and last week we were operating with sight unseen, as it were, in terms of what will be the true budgetary position in the coming months. It is vital that the Government confirm and clarify precisely what is in store in terms of further State moneys being invested in the banking system.

I concur with Senator Donohoe on the urgent need for a full-blooded inquiry into what led to the banking crisis. Most of us have suspicions, for which there is significant supporting evidence, about what occurred. The matter should be investigated carefully and meticulously in a public manner, as has been done in other countries, as Senator Donohoe noted. For example, in the early 1930s one of the reasons public discourse in the United States turned around and members of the public were prepared to countenance difficult measures was the decision to hold a public inquiry into what had occurred, with full public disclosure and scrutiny.

I ask the Leader to clarify the Minister for Health and Children's comment yesterday in respect of a commitment on the part of the Government to introduce legislation to regulate assisted human reproduction. The Supreme Court made an extremely important decision yesterday in which it again pointed to a failure on the part of the Houses of the Oireachtas to implement legislation in this area. Once again, the Supreme Court has had to plug the gaps outrageously left by us, the legislators. The Government is primarily responsible for introducing legislation in this area.

When decisions such as the Supreme Court ruling of yesterday are made, it is often argued that there are many views and significant disagreement on the issue in question. I anticipate that the Leader may make the perfectly reasonable argument that assisted human reproduction is a complicated issue. While there are many views on it, the responsibility of legislators is not to sit back and do nothing, as we have done many times when it became clear there were many views on an issue, but to face up to the fact and work out carefully and meticulously, perhaps in committee, how precisely we should legislate. Assisted human reproduction is an important and sensitive issue on which legislation should be introduced at the earliest possible time.