Joe O'Reilly (Fine Gael)

I congratulate my neighbour, Senator Paschal Mooney, on his re-election to the Seanad and wish him well. I ask him to convey our good wishes to Sheila and the family. I was first elected to the House on the Cultural and Educational Panel along with Senator Mooney, so I know him very well. We have always worked well together. He is certainly a very fine parliamentarian and has a great grasp of the issues.

The people we represent have been watching for something in recent months. They were watching, first, to see if there would be an inquiry into the banking sector and, second, to see if the inquiry would have any meaning or depth. In a manner of speaking, we have given them an inquiry, but we have failed the people in that it is not open and transparent. It is bad for democracy, this Parliament and the political process. It is wrong that hard-pressed taxpayers whose wages have been affected by these events must be told on television that there will be a secret inquiry and no open or transparent process.

In matters of public policy and public administration, there is no need for a commission-style inquiry. The inquiry should have been held in an open forum. It should have been an Oireachtas inquiry. Notwithstanding the Abbeylara case, it would have been possible to examine policies, decision making processes, administration and public policy. We have done the people and ourselves a wrong because we have added to the public's cynicism and disillusionment and people's disconnect from the Houses, which is a great pity. We should have had an accountable process in this Parliament.

Senator Quinn made an interesting point when he cited the UK's inquiry into the Iraq war as a comparison. Prime ministers, the great and the good are being brought forward to be questioned in public. It might not be too late for us yet. Even at this late stage, I appeal to the Government to consider changing the inquiry. Otherwise, it will be a disgrace. The IMF reckons that our banking crisis will cost taxpayers' approximately €24 billion. It is not right that they will not see a public inquiry. The Americans who started their revolution of independence stated, "No taxation without representation", which was the battle cry at the Boston tea party.