Hayes: ‘We must learn from mistakes’

The unprecedented financial crisis that has gripped the State since 2008 has required an equally unprecedented legislative response, but this has been accompanied by a raft of reforms that will prevent a future collapse, according to Brian Hayes, minister for State at the Department of Finance.

“Politics, the Catholic Church, many of the professions, the media, have all been undermined by failure and scandals. Trust is very easily broken, but once broken, is very difficult to restore,” he said in a speech at Griffith College Dublin.

“We made a serious mistake in Ireland when we gave so much unfettered power to so many people and institutions. In some respects Irish people were too trusting, too loyal, too unwilling to question.

“If we are to restore a reasonable level of trust in Irish society it will need to be based on stronger foundations than in the past. Part of our responsibility as citizens is a requirement to actively engage in the civic and public life of our country, to have a questioning attitude and to welcome open and honest debate. Institutions and individuals must be held to account. ‘Systems failures’ is something of a cop-out frankly.”

Mr Hayes said the ability to survive in the future was based on its ability to adapt. He cited a number of reforms introduced by the Government over the past few years including the new Economic Management Council, the Fiscal Advisory Council, the establishment of a separate Minister for Public Expenditure and the reorganisation of senior levels of the civil service have all contributed to better management of government finances.

“We need to do more — by involving the Dáil more directly in the budgetary process from start to finish,” he said.

Mr Hayes cited Priory Hall as a reason why the era of self-regulation was over.