Paul Coghlan (Fine Gael)

I strongly concur with Senator Donohoe on the comments made by the Governor of the Central Bank before the Joint Committee on Economic Regulatory Affairs yesterday when he called for a US congressional style probe into developments in the banking sector. Professor Honohan is a breath of fresh air who is much different from everybody and everything that preceded him in the Central Bank. Other countries have benefited from the type of investigation he proposed. Much could be learned from a detailed examination of what took place. We are unsure of whether the National Asset Management Agency will be a success. The agency must succeed in the national interest. Further capitalisation of the banks will also be required. I ask the Leader to outline the Government's position on Professor Honohan's proposal. We have heard from the Deputy Leader who is very much in favour of it. Senator Ross will no doubt agree that the insiders are still in charge of the banks. No one has resigned and we are relying on the people who steered the ship onto the rocks to get it off them. There is something not right about this and the sooner the investigation commences, the better. I look forward to hearing the Leader's views on the matter.