Eugene Regan (Fine Gael)

The different reports on banking and the economic crisis have clarified some issues as to how we got into this mess. I refer to the report by Professor Patrick Honohan on the failures of financial regulation and the report of Messrs. Klaus Regling and Max Watson on the failure of the banks and, in particular, the budgetary and fiscal policies pursued by successive Governments. I welcome the announcement by the Minister for Finance, Deputy Brian Lenihan, of an external review of the Department of Finance. The Regling and Watson report highlighted the failures of budgetary and fiscal policy, particularly in the area of property tax relief and breaks which fuelled the property bubble. They came to the conclusion that it was largely a home-made crisis, primarily the responsibility of the Taoiseach when Minister for Finance.

The problem is that there is no investigation of the Taoiseach because the Government has blocked any investigation post-29 September 2008. The Taoiseach should clear the air about the influences on him over decision making at the time. What advice did he follow? Whose advice did he take? It is important to have transparency on this issue. Was he influenced by Mr. Seán FitzPatrick? Was he influenced by the go-between, between Anglo Irish Bank and the Government, Mr. Fintan Drury who is a close personal friend of the Taoiseach and who was on the board of Anglo Irish Bank up to June 2008?