Marc MacSharry (Fianna Fail)

I join with others in welcoming the Minister of State. I am glad to have an opportunity to make a few points with regard to the two reports on the banking crisis. We had the opportunity to hear Mr. Regling and Mr. Watson at the Joint Committee on Finance and the Public Service last Friday, and the Governor of the Central Bank today.

As with the Minister of State, I wholeheartedly welcome the contents of both reports. They are very thorough in their ascriptions and assessment of the crisis and its causes as well as the difficulties that have to be acknowledged in the context of why our system has failed us in recent years. By way of some rebuttal, initially as regards 20:20 vision with the benefit of hindsight — neither Senators Bacik or Twomey were at Friday's committee meeting — I do not recall anything but the clear message being given to the effect that the bank guarantee was absolutely necessary.