Ivana Bacik (Independent) | Oireachtas source

I am pleased to speak in support of the motion on behalf of Labour Party Senators. The Leader, Senator Cummins, outlined the decision making process of the Committee on Procedure and Privileges, the meetings we had from 9 October 2014 onwards to evaluate the relevant proposal and the decisions we made. Senator Darragh O'Brien pointed to the constraints that applied in trying to devise and evaluate the proposal that was put to the committee. All members recognised these constraints. I agree with the Senator that these terms of reference are the best we can do. I regret the loss of the referendum on parliamentary powers to conduct inquiries as its passing would have allowed a different type of inquiry to be constituted. Given the constitutional parameters within which we must work, I believe this is the best result we can achieve. It is in the interests of all of us that the inquiry proceeds as expeditiously as possible.

I have been involved in this process in my role as a member of the Committee on Procedure and Privileges. I and other members of the committee as well as Senators who will be involved in the inquiry must be circumspect when contributing to this debate. The Committee on Procedure and Privileges had a constructive debate and the Leader spoke comprehensively on how we arrived at our decision, having given careful consideration to the terms of the inquiry and made changes in respect of the relative strengths of the euro, sterling and so forth.

Senator Darragh O'Brien referred to issues that will be excluded from the inquiry whereas I intend to focus on what will be included. The inquiry covers a great deal and its work plan is undoubtedly challenging. The schedule lists 22 matters under the following four headings: "Context"; "Banking Systems and Practices"; "Regulatory and Supervisory Systems and Practices"; and "Crisis Management Systems and Policy Response". The final heading includes the decision to provide a bank guarantee on 30 September 2008, developments in the lead-up to that decision and the decisions taken afterwards on the implementation of the guarantee.

The work plan and timeframe of the inquiry are challenging. The Committee on Procedure and Privileges considered the parameters of the work plan and timeframe. As Senator Cummins stated, the Seanad staff provided great help and support and I thank all of those involved in the process. We also took legal advice at every stage of the process, which we found extremely helpful. We met the Chairman of the joint committee, Deputy Ciarán Lynch, who outlined the work he envisaged the joint committee would be able to do within the timeframe provided. As has been noted, we also took advice from Professor Karl Whelan and others.

The banking crisis and financial collapse were immensely significant and catastrophic events for this country. Irish people deserve the best investigation we can provide in the parliamentary setting into the events surrounding the collapse and all the matters set out in schedule A of the motion. I urge colleagues to read the motion, which provides a comprehensive list of the issues that led up to and may have caused the financial collapse. It is in the interests of all of us to ensure an inquiry is conducted in the parliamentary setting into the causes of the banking crisis.

Perhaps the most important paragraph in the motion is, "The subject matter of the inquiry shall be to inquire into the reasons Ireland experienced a systemic banking crisis". This is the critical issue so many people want investigated and about which they want answers put on the public record, as best we can. People want public hearings. It is in the interests of us all to ensure these public hearings commence as expeditiously as possible. I have great faith in the members of the inquiry. It is already working very well. The preliminary committee, which was established in May, has been already working very constructively on devising a work plan and schedule. I wish them all very well in their work and urge colleagues to support these motions and enable the committee to continue this very important work.