Donie Cassidy (Fianna Fail)

I move:

That Seanad Éireann:

- having regard to the significant public concern about the scope and cost of measures that have been necessary to stabilise the Irish banking sector;

- noting the recommendations of the reports, 'The Irish Banking Crisis: Regulatory and Financial Stability Policy 2003-2008', by the Governor of the Central Bank, and 'A Preliminary Report on The Sources of Ireland's Banking Crisis', by Klaus Regling and Max Watson, which were laid before Seanad Éireann on 9th June, 2010;

- noting the Government decision of 9 June, 2010 referring these reports to the Joint Oireachtas Committee on Finance and the Public Service for its consideration and input into the preparation of the terms of reference for a commission of investigation;

- noting the acceptance by the Government of the seven key policy lessons outlined in Part IV of the report by Klaus Regling and Max Watson and the proposal to refer for further consideration by the Joint Oireachtas Committee on Finance and the Public Service the macro-economic policy lessons arising from the reports;

- noting that it is the opinion of the Minister for Finance that a commission of investigation represents the best method of further investigation of specific serious lapses in respect of specified credit institutions;

- further noting that a draft Order proposed to be made by the Government under the Commissions of Investigation Act 2004 (No. 23 of 2004) has been duly laid before Seanad Éireann in respect of the foregoing matters referred to, together with a statement of reasons for establishing the commission under the Act;

approves the draft Commission of Investigation (Banking Sector) Order 2010, copies of which were laid before Seanad Éireann on 7 July, 2010."