Dan Boyle (Green Party)

The time of the House would be well served by discussing the views and comments of the new Governor of the Central Bank, Professor Patrick Honohan. The manner in which he spoke to an Oireachtas committee yesterday and his undoubted expertise show that his appointment was an excellent one. Having such a person running the Central Bank in the critical years ahead will be a source of comfort to many citizens. There was little new in what he had to say. Further capitalisation of the banks will occur and involve further consultation with both Houses. Members will have an opportunity to discuss how capitalisation should proceed and they should fully utilise it.

On the question of whether an inquiry should be held into developments in the banking system, I am on record as calling for such an inquiry, as did Mr. Colm McCarthy who produced a recent report on behalf of the Government. Now that the Governor of the Central Bank has called for such an inquiry, there is no reason to resist the proposal. We need to get as many facts as possible into the public domain to enable us to move forward and, I hope, deal with a new reality for the financial institutions and what they can achieve in the future.