Order of Business - 8th October 2008

Order of Business - 8th October 2008
Senator David Norris: We will have to return to the international financial crisis. I am confused because Senator Butler stated that it was a disgrace for Fine Gael to say that the Minister did not understand the situation, then he accused Fine Gael of not understanding the situation either. I am not fully sure I understand the situation, or that I have heard anybody who has given a clear, comprehensive view of how we can get out it. I am somewhat reassured, having listened to my distinguished colleague, Senator Ross, on "Today With Pat Kenny", on how to cope with the situation. He was joined by Mr. Nick Leeson, who agreed with him that there should be a bloodletting at the top of the banks-----
Senator Paul Coghlan: He has some form there.
Senator David Norris: -----and that the banks were guilty of the irresponsible leverage situation. When I heard those two voices agreeing, I said to myself that there is no need for me to worry because I am happy to admit my lack of understanding. However, I now believe the problem is capitalisation, as several people here have indicated. There is now a discordance between the regulator on the one hand, who has said that the banks are properly capitalised, and the instinct of the stock market on the other hand, which clearly does not believe him. This is a matter of confidence and if we are to restore such confidence, it behoves the regulator to come out with more clear, solid factual information. If he is right, this will restore confidence. If he is not right, then we should know it now.

Various European governments, having criticised Ireland for the action it took last week, are now all following us. That suggests we have done the right thing.
With regard to the Morris tribunal, I welcome the report of the very distinguished judge but like some other colleagues, I was very surprised by his comments in the report. He referred to wild claims, but there were wild acts. Members of the Garda Síochána were planting bombs, mixing sodium chlorate in coffee grinders, suborning witnesses-----
An Cathaoirleach: The Senator should ask a question of the Leader.
Senator David Norris: I am asking that we should discuss this and I am giving my reasons, such as members of the Garda Síochána planting bombs and lying on oath and so on. Mr. Justice Morris suggested it was wrong to go to the Minister; I think it was very responsible indeed. They did not come into the Oireachtas and use privilege and destroy the reputations of people by name. They went to the Minister. There is a precedent for that which was referred to on the radio last night, when Mr. Liam Cosgrave went to the then Taoiseach, Mr. Jack Lynch, when he was given information about the importation of arms. Mr. Justice Morris appeared to me to suggest that the Members should have investigated this themselves. How could they?
Senator Paul Coghlan: The Senator is correct.
Senator David Norris: We do not have the resources. We have barely enough resources to cope with our workload. We are not an investigative agency and it took the Morris tribunal however many years, however many millions of euro and however many barristers to produce this report. How on earth does Mr. Justice Morris think two honourable, decent representatives could be expected to do the same?
An Cathaoirleach: The Senator has made the point. There are other Senators wishing to speak and the time is almost up.
Senator David Norris: I will finish on this point. Deputy Howlin made the point that he was given this information by a senior barrister with 22 years' criminal experience at the Bar and he believed it. It was appropriate to pass on this information to the Minister.
I share the concerns about immigration as expressed by various speakers, including Senator Mullen. The Immigration, Residence and Protection Bill, which will come to the House shortly, is quite defective. I attended a briefing in the Incorporated Law Society of Ireland-----
An Cathaoirleach: The Senator can speak about what he regards as the defects in the Bill when it comes to the House.
Senator David Norris: I wish to make this point because it is in anticipation of the Bill. I have arranged for a briefing for Members of the House by the two legal experts who gave the original briefing because I think we can have a much more informed debate if we listen to a detailed analysis. The briefing will be held in the audio-visual room at the end of the month.