Colm Burke (Fine Gael) | Oireachtas source

I thank the Minister for his detailed statement on this matter. It is important that we have a proper legislative structure for this inquiry, as provided for in these provisions. I come from a legal background and was active in that profession in the period from 2000 to 2010 when so many changes took place. It is clear that the banking sector was effectively left to run wild as regards to how it gave out money. Some of the activity that took place was frightening. Banks were giving people money to purchase shares in the bank itself. The same bank was giving money to different people to bid against each other at the same property auction. There seemed to be no form of accountability that might have seen an upper limit imposed on any property that came on the market. As we all know, the banking collapse that eventually came saw the Government of the day having to give a guarantee to underpin the entire sector.

It is important that we proceed with this inquiry as soon as possible. The Government is already halfway through its term and the time remaining is short. The inquiry will take time; it is not something that can be done overnight. We must allow it the opportunity to get answers to as many as possible of the issues that remain, including those that are not even in the public domain. A great many poor decisions were taken for which nobody has been held accountable. That is the case not only in the banking sector but also in the realm of the accountancy and legal professions. We had, for instance, situations where property was being bought without deeds of transfer being given, where the vendor became the mortgagor and where no stamp duty was paid. Many such practices were above board within legislation, but-----