Brian Lenihan Jnr (Dublin West, Fianna Fail)

I am not sure whether this amendment arises from the Bill but that is not for me to say. The terms of reference for the statutory commission will be before the Seanad either this or the following week and at that stage Senators will have an opportunity to discuss the operation of the statutory commission. The Government proposal is that the terms of reference will relate to the management of the banks, their boards, regulators and supervisors, the accountants and any communications from the Department of Finance to the other Minister to the regulatory or supervisory system. Those are the terms of reference of the commission of investigation and there will be an opportunity to debate them in the other House this week and in this House next week - obviously that is a matter for this House.

The amendment before us looks at the recommendations of the statutory commission of investigation. I am not sure that is a matter that requires express recitation in this Bill. Clearly, the Governor will always make himself available to the committees of the Houses as will the head of financial regulation. I assume that is what will happen in regard to the statutory commission of investigation. It will not preside at the statutory commission and the Governor rather than the head of financial regulation has clearly done the preliminary scoping exercises on which the terms of reference are based. Messrs. Regling and Watson were the authors of the other report. The terms of reference are based on those scoping reports and when the final commission report is to hand early next year clearly there must be Oireachtas action on it. I do not take from that. It would seem to me the finance committee is the appropriate forum but if this House wished to take steps that is a matter for it to decide.