Sean Barrett (Independent) | Oireachtas source

I thank the Leader and Senators Bacik and Darragh O’Brien. The Leader has very thoroughly described the process by which this very comprehensive document came before the House, and I commend everybody and the secretariat. It is a challenge for the committee and we must go ahead and commence the work, to a very challenging timetable. I was very pleased that Professor Karl Whelan is advising on the economics part, and he is meeting us later this morning to assist us further. It was a major crisis and the ripples continue with a thousand people on the streets and the breakdown of so many institutions. It did not happen in Canada or Australia, two countries with which we have many similarities, and we will try to learn from them. The public needs to know the answers, as Senators Cummins, Bacik and Darragh O’Brien said.

This is a very comprehensive framework. I agree with the adjustment to include the euro in the terms of reference. How did a very conservative banking system become so risk-taking? Was it linked to the currency? This is an important aspect of the committee's work. As Senator Cummins said, it is very important we allow the Central Bank to participate fully because it was the regulatory body responsible. The House can be assured that the terms of reference are fully comprehensive and thorough and I join in thanking the CPP for its work. It has set very good terms of reference and it is up to the committee members to deliver an equally good document at the end of the inquiry. Our thanks are due to the CPP for the thoroughness and unanimity, as Senator Darragh O’Brien said, of this very fine document.