This is an important matter and I agree with the Deputy that what must be done must be done correctly. We have had the experience of inquiries, such as the DIRT inquiry and the Abbeylara inquiry. We also have evidence from the Committee of Public Accounts where parties summoned to that committee to give information on particular issues refused to do so because of the lack of compellability of witnesses or personnel. We held a referendum last year on the matter of inquiries and it was rejected by the people and I must respect that decision.
The Committee of Public Accounts inquiry report produced recently is a 300 page document and is a comprehensive and substantial analysis of this matter and represents a great body of work the committee did over a long period. This issue warrants serious and detailed analysis as to what is the best thing to do. I have made it clear publicly previously that the Minister for Public Expenditure and Reform will review any proposals received in respect of how to get at the fundamental truth of the issues with regard to the bank inquiry. It is important to note that there is no evidence in the Department of the Taoiseach about the conversations and meetings that took place, the information in circulation or the rationale applied to it, before the Government of the day made a decision in respect of the bank guarantee. No information was available to the Commission, Mr. Regling or the Governor of the Central Bank. Banks visited Government Buildings and made their case. As we know, an incorporeal meeting was held in the early hours of the morning on this matter.
I do not want to take the wrong direction on this by having an inquiry that leads on interminably to a meaningless series of meetings that achieve nothing. The Government will reflect on this carefully. I have an open mind as to the nature and character of the Oireachtas committee that should look at this. The report of the Committee of Public Accounts and any other observations will be reviewed carefully by the Minister, Deputy Howlin and he will bring a memo to Government on the issue and the Government will make a decision. I am clear in my mind that any such inquiry should be to the point of decision of approval for the bank guarantee. As Deputy Ross is well aware, the legal profession - good luck to it - has long experience of finding ways through what appear to be limited confines on inquiries. We do no want a situation where the proposed inquiry might run for an extraordinary length of time and do not want a situation where we have writs flying all over the place because of the structure and nature of what might be involved here.
This is a serious matter. It was the biggest, single economic decision ever foisted on the backs of the Irish people and taxpayers. From my perspective, I find it quite extraordinary that if I met the Bunclody Community Council, a series of people would be taking notes about the discussions held and the decisions arrived at, but with regard to this, the most significant financial decision ever taken in respect of our people, I have no evidence in the Department of the Taoiseach about who said what or the rationale applied to what was said before an incorporeal meeting was held in respect of that decision being foisted on the people.
