This week last year Mr. Sean FitzPatrick resigned as chairman of Anglo Irish Bank after it was revealed he had been moving personal loans off the books of Anglo Irish Bank to another institution and then back again in order to conceal them. At the time, the Minister for Finance, Deputy Brian Lenihan, expressed his disappointment.

Since then, we have had a high profile Garda raid on the bank and have been told the Director of Corporate Enforcement is doing some kind of an investigation. However, no one has been called to book for what happened in the bank.

Since then, too, Anglo Irish Bank has been nationalised. Some €4 billion of taxpayers' money has been put into it while another €7 billion has been put into AIB and Bank of Ireland. Between them, it comes to €11,000 million of taxpayers' money. It is the largest bank robbery ever, except on this occasion it is the banks robbing the people.

Despite this, the banks are still not lending to business as they should be. This year, the Taoiseach is marking the anniversary of Mr. FitzPatrick's resignation by cutting the pay of the lowest paid workers in the public service and the welfare allowances to the blind, the disabled and carers. Yesterday, the new Governor of the Central Bank expressed the opinion there should be a 9/11 style inquiry set up to examine what happened in the banks, why it was allowed to happen and who had responsibility. Does the Taoiseach accept this call for a 9/11 style inquiry into the banks? If so, will he come back to the House in the new year with the proposals from the Government for the establishment of such an inquiry?

I read in this morning's newspaper about what the Governor of the Central Bank said to an Oireachtas committee. From my point of view, the resources of the State are currently involved in ensuring banking stability and that we can deal with the economic and financial issues that arise. I am sure there will be economic historians and economists who will continue to talk about the failure of the regulatory system in this and other countries regarding the challenge faced by us.

However, I would have to carefully consider such an inquiry before giving any commitment. As we know from the Abbeylara case, there are limitations on Oireachtas committees being able to inquire into questions of fact. There is also the question of other established inquires which are still ongoing and to what extent they have been able to deal with the issues in a timely fashion that does not undermine but maintains confidence in our banking system. This initiative would have to be carefully considered.

I wish to correct the Taoiseach on one matter. It is not the resources of the State that are dealing with the banking situation; it is the people's money.

It is the Department of Finance.

Some €11,000 million of the people's money has been put into the banks by the Taoiseach. He makes it sound as if the call made yesterday by the Governor of the Central Bank was from some disinterested economist writing in some obscure journal. This is the Governor of the Central Bank who was appointed by the Taoiseach's Government to oversee the banks.

He takes his job seriously.

He thinks there should be an inquiry. He is not the first to do so. When the Taoiseach first came into the House with his bank guarantee idea, the Labour Party proposed the sending in of an inspector to the banks. We proposed an oversight committee for NAMA. Mr. Colm McCarthy, highly favoured on the Taoiseach's side of the House, proposed there should be a DIRT-style inquiry. There were suggestions there would be some kind of a parliamentary investigation. The word on the grapevine, however, is that the Taoiseach himself blocked the holding of a parliamentary investigation into the banking situation.

That is a real Sticky tactic.

He did so because he does not want an investigation——

Deputy Gilmore is checking the book. I am reading it at the moment.

——into what happened in the banks because it will expose the close connection that exists between Fianna Fáil, developers and bankers. He does not want an investigation because it would expose the fact that the regulatory authorities did not do their jobs.

Deputy Gilmore may have changed the name of his party but he has not changed much himself.

An investigation would also expose the fact that the Taoiseach presided over this when Minister for Finance. He is afraid that in an inquiry the track will lead to his door. That is the reason he will not allow it and for the response he has just given. This is not going to go away.

Hear, hear.

The people of this country are paying dearly for the failure of our banking system, through cuts in pay and social welfare payments, services and the unavailability of credit from the banks. We are not going to draw a line under this. We are not going to say that was then and this is now and let us all move forward.

We know that. The Deputy is making all sorts of scurrilous allegations.

The people of this country are entitled to know what type of carry on was going on in the banks that led to the mess we are in now. Just because the Taoiseach was Minister for Finance at the time and is afraid that political culpability will land at his door is not a good enough reason to block the type of inquiry that the Governor of the Central Bank has asked for.

Hear, hear.

Nice piece of political rhetoric but absolutely baseless in terms of the facts.

It is not baseless. Why will the Taoiseach not allow an inquiry?

It is baseless in terms of the facts. This is the usual story from Deputy Gilmore. Throw out a smear and see if the Taoiseach will deny it.

The €11 billion is a true fact.

Deputy Burton, please.

It is the oldest trick in the book. The Deputy has been at it for years. The fact of the matter is——

The sum of €4 billion is a true fact.

——I have simply made a point that a comment made by the Governor of the Central Bank would have to be carefully considered by Government. That is what I said. We want to ensure——

That the guilty go free.

——that the resources — I am speaking about the Department of Finance and elsewhere in Departments of State — are prioritised in terms of maintaining banking stability and ensuring that we are able to deal with the restructuring of the banking sector that is currently being undertaken.

Do not upset them.

Those are priorities and important matters. They are important in terms of engendering confidence in the direction this country is going.

The historical issues that arise——

They are not historical, they are outstanding.

——as a result of what has happened in recent times are issues that will have to be carefully considered by Government. There are a number of considerations that have to be taken into account and this matter cannot be dealt with willy nilly. The matter will have to be carefully considered by Government.

Very careful.

We now move on to Questions to the Taoiseach.

On a point of order, the Minister for Transport, Deputy Noel Dempsey, used a term that is not permitted in the House under the salient rulings of this House.

I must confess I did not hear any derogatory remark made.

The Ceann Comhairle should check the record. It might be a relatively mild term by modern standards but I do believe the term "scurrilous" is not permitted in this House.

If the remark from the Minister for Transport, Deputy Noel Dempsey, was directed at me I will regard it as a badge of honour.

I certainly did not hear the remark.

We will call to the Ceann Comhairle's Office.

Deputy Varadkar has obviously never been hit by a Meath half back before.