Marc MacSharry (Fianna Fail)

With the benefit of hindsight, I regret that a national and international regulatory regime allowed ourselves, nationally and internationally, to get into the horrifically difficult position in which we find ourselves. All of the people are justifiably angry, not least at the pay-cuts which have been suffered by many families working in the public sector and at the unpalatable nature of the support we have had to give to our banks, because of their systemic relationship to the health of our economy and our people. I am angry at that too. I would like my pound of flesh and to see those who are guilty held to account. I have no doubt that due process will provide us with that pound of flesh.

The Minister and the Government have announced a number of inquiries. One will be conducted by Mr. Patrick Honohan, Governor of the Central Bank. One will be conducted by international experts who will help to scope out the terms of reference of the statutory commission of inquiry which will assess the performance of everyone - in politics, Government, business, banks and elsewhere - during the crisis and in the run-in to it. This will ensure we have the accurate information needed to prevent this kind of situation happening again.

I would like to see more international co-operation in terms of regulatory change to prevent this kind of thing happening in future.