Sean Barrett (Independent) | Oireachtas source

I thank the Leader for scheduling the debate on the banking inquiry report for next week. I welcome the article by Senator O'Keeffe and the comments by Senators Bacik and Hayden. Banking with a Government guarantee has to be tightly regulated. People all knew where the Department of Finance and Government Buildings were when they were looking for the €64 billion and it is the right of Parliament to ask questions about that. The portrayal of Parliament as a Punch and Judy show and the failure of the referendum to extend its investigative powers were a pity. The corollary of registering lobbying and the constant requests for more public spending is that Members of Parliament will ask questions about public spending. That is a key role. I have always worried about the implications of the Abbeylara decision in limiting the powers of inquiries. We will discuss that on the next occasion but it is important for Parliament and its powers. As Senator Hayden said, it is also important in terms of the banking system we want for this country. We certainly did not have an appropriate one. The percentage of lending by the major banks to industry and agriculture combined was in single figures, at less than 10%. What kind of economy would that result in? Was it not inexorably heading towards the bubble? I look forward to the debate.

I also second the amendment to the Order of Business moved by Senator Quinn in respect of No. 14.