Order of Business - 12th February 2009

Order of Business - 12th February 2009
Senator David Norris: Once again the entire Order of Business is consumed with our financial woes, and that is highly appropriate. As far as I can see, it is not being done on the Order of Business anywhere else. That shows the significance of this opportunity to discuss these matters and to be relevant. This is not a drip, drip situation but a splash, splash one. We are being inundated with bad news.
The Minister for Finance is a decent, highly intelligent man who has a huge and unenviable responsibility. Clearly, he is working around the clock and has behaved with considerable dignity under enormous pressure. However, there are questions. I am not mathematically gifted or an accountant but I can see that €7 billion was passed covertly between two banking institutions to mask a problem and deceive the shareholders. That was at a time when that investment, if one wants to call it that, was not covered because the guarantee scheme had not come into place.
We were told the Minister did not read fully the brief, which is unusual, especially for a barrister. It is was left to his officials who passed it to the Financial Regulator. There is a broken reed if ever there was one. Passing it to that busted flush would not guarantee any confidence but, in any case, they did so and the Minister was not told.
We were told this was a routine matter and that issues were raised with the regulator almost daily but not issues such as €7 billion. Senator Rónán Mullen appeared to represent this as insignificant. It is only insignificant in the sense that it is off the radar as far as most people are concerned. I cannot imagine what €7 billion is.
Due diligence-----

An Leas-Chathaoirleach: Do you have a question for the Leader?

Senator David Norris: Yes, can we have this debate and raise these specific points either in the debate or with the Minister?
Due diligence is being performed after the investment is being made. Talk about buying a pig in a poke. That is almost looking around to see if there is a poke with a pig in it in which we can invest. I do not have great confidence.
If I was to choose a Minister for Finance at this stage from the talent pool in the Dáil, it would unhesitatingly be Deputy Richard Bruton because he has addressed the situation honestly. He has told it as it is, looked at the stark facts and has come up with a solution.
One thing I find really sickening is that we have been told this was in light of the facts known at that time. Why can we not get all the facts out in the open? The banks should be told in an uncompromising fashion that it is cards on the table time.
Yesterday, we managed to pass a motion unanimously at the Oireachtas Joint Committee on Foreign Affairs supporting the Government in its initiatives to establish an investigation into possible war crimes during the Gaza offensive. Will the Leader arrange even a half hour debate to pass this motion? We do not even need a Minister present. I understand the motion will also be tabled in the Dáil.