Sean Barrett (Independent) | Oireachtas source

I move amendment No. 17:

In page 10, paragraph 1(3)(a), line 9, to delete "desirability" and substitute "requirement".

As a result of all of the trouble we are in, we are now conscious of the need for competent, professional people on our boards, etc. While previously this was not the case, an attempt is now being made to try to remedy that situation, in respect of which we support the Minister of State. The period between 2008-2010 was a disaster in this regard. We would not, when recruiting a veterinary surgeon, say that it is "desirable" that he or she have particular qualifications rather we would say that it is a "requirement" that that be the case. We would not say that it is "desirable" that people in the health service should have a knowledge of medicine rather it is a "requirement" that that be the case. We do not desire that architects have qualifications, it is a requirement that they have such a competence. It is an absolute essential.

To attempt to remedy the situation in which we find ourselves by saying that it is "desirable" that we appoint qualified people is too weak in terms of what we are trying to do. It is stated on page 44 of the Wright report that of a cadre of 542 staff in the Department of Finance only 39 are economists. It is a requirement that we step up in these matters. Economics is no longer only for amateurs. We are all aware of the problems that arose when we previously had amateurs in this area. Let us ensure we appoint people with the highest possible qualifications and move away from the tradition of it being an optional extra type of subject.

Paragraph 3(1)(a) provides that the Minister in appointing members to the fiscal council shall have regard to the desirability of their having competence and experience in domestic or international macro-economic or fiscal matters. Amendment No. 18 seeks to delete "or" and substitute "monetary and". It was in the monetary sector that the problems were created not alone in Ireland but in other areas. Wall Street versus main street and quantitative easing to solve the problem of the decline in the computer industry at the beginning of the decade have huge influence down the line in terms of causing property bubbles and destroying banking systems. We need to ensure those appointed to the fiscal council are qualified. The monetary sector can and did do huge damage because many of the watchdogs working therein were fast asleep.

The amendment seeks to ensure that people are properly qualified and that what is going on in banking is monitored. I note references in some of the UK newspapers today to the Bank of England needing to be cleaned up. We will end up in trouble again if we continue with these monetary policies. In broader terms, we need a Government economic service not alone in the Department of Finance but the other spending Departments. We are trying to remedy where in the past there has been a lack of this expertise, plus the other facts referred to by the Minister of State.