Darragh O'Brien (Fianna Fail) | Oireachtas source

The Minister of State is always welcome to the House. It is good to see him. The changes to Standing Orders that have been presented are probably appropriate. One of the issues I have is that we are doing this half-blind. While we have heard certain comments, we do not have the full details of the composition or terms of reference of the proposed banking inquiry, which needs to happen. It seems from the Government's public comments that the remit of the inquiry will not extend beyond the night of the guarantee itself and will not include any reference to Anglo Irish Bank because of a court case that is in train as we speak. Can the Minister of State comment on that? I suggest it is nearly akin to having "Hamlet" without the prince.

We do not know how many politicians - certainly Deputies and possibly Senators as well - will be ratified by the Committee on Procedure and Privileges on foot of these proposals. We do not know what quarter they will come from. I understand the issue with regard to bias that concerns those who have previously made comments on the banks. As Senator Barrett has said, it will be incredibly difficult to select people who have the requisite experience and knowledge to participate in this inquiry, but who have not commented in some kind of negative way on this country's banking system.

I would like to comment further on the whole issue of Anglo Irish Bank. I do not understand why one would want to pursue a banking inquiry without discussing Anglo Irish Bank, on the basis that the court case could take four or five months and further investigations will also take place. We will not be able to ask questions about the level of contact between the Minister of State's party leader - the current Taoiseach - and Matt Moran. We will not be able to ask why Matt Moran has been granted immunity from prosecution in the current investigations and the current court case. Questions need to be asked about the Taoiseach's level of contact with and knowledge of certain individuals. Previous Taoisigh also need to answer questions at the banking inquiry. I would like to know why Anglo Irish Bank, according to what I have heard, is being left out of this. Why are we stopping on the night of the guarantee? I suggest that the review and renewal of the guarantee 12 months later should also be looked into. It is crucial for this aspect of the matter to be considered, particularly in the context of the input made by the European Central Bank and the European Commission when we sought to review the bank guarantee. Such points are crucial.

I have no interest in the establishment of a banking inquiry that will be a political witch-hunt. The timing of this move is also curious. As this process moves forward, it could very well coincide with the next general election. It smacks of what it really is. Do we actually want to get to the truth, or do we want to have a Salem witch trial? I want to get to the truth of it, as I think all of us do. We are entitled to the truth. The Seanad should have a part in this process. Is it the case that Senators will serve on the banking inquiry? I cannot understand what relevance the banking inquiry will have if Anglo Irish Bank is left out.

Many questions need to be asked of the current Administration and its predecessor in relation to Anglo Irish Bank. I would like to ask the Director of Public Prosecutions some questions about the granting of immunity to a former senior official in Anglo Irish Bank who is well known to be well known to the current Taoiseach. Was there any political interference in that decision? These questions need to be answered. While we will support the proposals before the House, we would like to know more about the composition of the inquiry, its terms of reference, how long it will serve and what type of legal advice the inquiry members will get. Is it the case that the witnesses who will be brought in front of the inquiry will be allowed to avail of the services of lawyers but the members of the committee will not?

I will give these proposals as guarded a welcome as I can. Many questions remain unanswered. I suggest that we are getting no more than a piecemeal view of what the Government really wants to do on foot of these changes. I want to know whether this House of the Oireachtas - the Seanad - will be included. Regardless of whether it will be, the more important questions in this regard relate to what the members of the committee will be investigating, who will be called, what period of time will be covered and why the inquiry will not deal with events that took place after the night of the bank guarantee. I believe the first review of the bank guarantee is also crucially important. Anyone who was involved in the initial bank guarantee, including the current leaders of Fine Gael and Fianna Fáil and former Taoisigh, will have questions to answer at the banking inquiry. My party has put it on the record that it will ask anyone to co-operate with the inquiry. We want to make sure it is fair and it will get to the truth.