Sean Barrett (Independent) | Oireachtas source

I join the Cathaoirleach in welcoming Esmond Birnie, a former MLA for South Belfast. On the day when we are looking forward to the publication of the report of the Joint Committee of Inquiry into the Banking Crisis, it is interesting that the advice of Mr. Birnie was that the design faults of the euro made it a currency that he advised the authorities in Northern Ireland not to join. It is purely coincidental that he is here today, but his words will have a certain resonance.

As Senator MacSharry said, all the members of the committee of inquiry co-operated. I thank Members for the nominations the House gave to the four of us. The Senate was well represented. We dealt with widespread institutional failure in Dublin, Brussels and Frankfurt. The final witness we had was the Minister, Deputy Noonan, who said he was warned that burden sharing would result in a bomb going off in Dublin.

Would the banks do the same all over again? I believe that concern is inherent in what Senator Bacik said. The kind of regulation of banks that the new Governor of the Central Bank, Professor Philip Lane, explained to the Joint Committee on Finance, Public Expenditure and Reform yesterday will be very important in the years ahead. I fear that without a strong line being held by Professor Lane, the banks would do exactly the same all over again and I worry about the newspaper property supplements getting increasingly bigger. There must be other ways for the economy to prosper than by buying and selling each other's houses.

I express condolence to the family of Alex Ryan from Millstreet. He was the young man who died in Cork last week owing to drugs being present at a party. Yesterday the Minister, Deputy Donohoe, was in the House to deal with anti-drugs legislation pertaining to transport. We must always be vigilant in that regard and support measures to protect our young people. In expressing our condolences to his family, I praise their generosity. Four other people will be alive because of their generosity in donating their son's organs for transplant.