Michael D'Arcy (Fine Gael)

I thank the Minister for attending. He attends this Chamber regularly and it is appreciated by all concerned.

The metaphor involving a horse and the stable door was used yesterday. I am of the view that the horse has run over the hill and died of old age at this stage. Unfortunately, the legislation was not in place when it was required. It goes back to that faithful night of 28 September 2008. As I mentioned yesterday, the Minister, Deputy Noonan, was the only person in those nocturnal debates who raised the question of whether this was a liquidity crisis or a capitalisation-solvency crisis. To all our dismay, he was correct in identifying that issue but, unfortunately, the correct information did not come at that stage through Government and the political process. If the correct information had come at that stage, I do not believe the blanket coverage would have occurred in the same manner.

It is a complex piece of legislation. I am glad it is done. Hopefully, nobody in this or the other Chamber will ever have to go through such processes. The vehicles are now there through legislation to ensure that the people of authority use their authority to deal with whatever crises occur.

I want to touch upon one final point. I am minded of a point made by the Murphy commission on confidence in those who are in the office rather than confidence in the office itself. I identify Professor Honohan and Mr. Elderfield as two in whom there is a great deal of confidence but I do not know for certain that the same confidence has yet been regained in the positions that both gentlemen currently hold.