Paul Coghlan (Fine Gael)

I wish to be associated with the warm words of welcome for Senator Mooney. He always contributed well here and we look forward to witnessing him continuing in that vein. I also wish to be associated with the words of welcome for his wife, Sheila, and family.

We all have our own views on how the banking inquiry should proceed, what its terms of reference should be and so on. However, the fact is that the public has a right to know the truth. As legislators, we have a right to ensure it knows the truth. Some €54 billion in bonds will be issued to the banks in the coming months when the transfers begin to roll through to NAMA which is a done deal at this stage. We hope for the sake of the country that it will be successful. However, my major concern is that we get the economy working properly again. To this end, we need a robust banking system. However, the banks are not positioning themselves properly to restore confidence and win back trust.

Despite the few honourable exceptions who fell on their sword, let us consider the many who still serve on boards and in senior management positions. These are the ones who made gross mistakes, steered us onto the rocks, signed off on irregular and risky lending practices. None of this should have taken place. They were misadventures. Surely their removal could take place without prejudicing an inquiry. The public interest directors appointed by the Government should insist on this, if necessary at the direction of the Government, as we must get the economy working. Sadly, this will not happen without a robust banking system. For that reason I second the amendment to the Order of Business proposed by Senator Fitzgerald.