Paul Coghlan (Fine Gael) | Oireachtas source

I welcome the Minister of State and I welcome the opportunity to contribute to the debate on this matter. I wish to point out to my learned colleague opposite, Senator Byrne, that we are completely free of any outside interference. The CPP of the Seanad met - a gathering at which I was present - and recommended these new Standing Orders as being necessary. The most senior official of the Houses of the Oireachtas, another official and a legal adviser were all present and the members of CPP were able to question them before arriving at an agreement to put forward the proposals which are before the House.

The Houses of the Oireachtas (Inquiries, Privileges and Procedures) Act 2013 makes provision for an Oireachtas inquiry to function within our political system. I am of the view that the Seanad will play an active part in the Oireachtas inquiries that will emerge as a result of the Act. The proposed new Standing Orders will present a framework for the forthcoming Oireachtas inquiry. The new system to which they will give rise will allow the Oireachtas to investigate issues of concern to the Irish public. The Standing Orders before the House relate to four areas already outlined by the Minister of State, namely, the replacement of a chair of an inquiry, the question of bias and how to deal with it, the expanded terms of reference of the CPP and the introduction of a system under which the CPP can review proposals and establish inquiries.

The first Oireachtas inquiry to be established will likely be that relating to the banking sector. Such an inquiry is long overdue. I would welcome a banking inquiry because it is time that the people who helped cause the economic collapse were brought before a committee of the Irish Parliament to explain their actions. There are many questions in respect of the economic collapse which remain unanswered. Government policy in the years before the economic collapse is one of the matters which should be assessed by the committee tasked with carrying out the inquiry. There can be no doubt that the mismanagement of our economy at Government level was a factor in the disaster that befell our country. The failure of regulation in the banking sector has had dire consequences and should also be considered by any banking inquiry.

Representatives from the banks should also be brought before the committee - along with the relevant accountants and auditors - in order that we might discover how and why the financial position in which those institutions found themselves at the time was not identified sooner. The events that occurred on the night of the bank guarantee are the darkest in recent Irish political life. Many people do not fully understand what happened on that night. It is time that this matter was brought before an Oireachtas inquiry in order that the true position in respect of the decisions taken on that night is fully outlined to the public. For over five years, members of the public have lived with the consequences of the actions and decisions taken at that time.

I welcome the new Standing Orders as the next step towards establishing Oireachtas inquiries, which are absolutely necessary. I am of the view that this is the best system to uncover the truth about issues of public concern. I hope that we, as Members of the Seanad, we will give these Standing Orders our unanimous support.