Michael D Higgins (Galway West, Labour)

Yes. I am about to conclude. I wish to set out the fundamental principle in this regard. We are not talking about amending section 6 of the Bill. We are talking about the fundamental obligation on the Minister to come in at the beginning of the debate on the legislation to set out what he is proposing and the basis for it. In our amendments, we are seeking a guarantee that this is not more of the same. We need to be assured that things will be different. We are willing to listen to the Minister's proposals. We are being asked to place trust where it has previously been abused. I refer to institutions where certain practices took place in the absence of control or accountability on the part of the Financial Regulator or the Central Bank. That is simply not on.

We need to consider these matters before we move on to section 2 of the Bill, which invokes the public interest. I suggest that clarity and transparency are required in the public interest. We need a different kind of banking. The banking practices I demand will help this country to protect employment. We need to acknowledge that wild and mad speculation, which has been a destructive principle within the economy, must end. The suggestion that we must fumble on the way we were, bad and all as it was, is irresponsible and destructive of the economy. It will have social consequences. As the public discusses what we did last night, it is raising the questions I have asked. They want to know if the status quo will continue.

Details of the salaries and expenses received by Members of this House are published on a regular basis. Could any Deputy justify the remuneration that the people at the top of the banking system gave themselves over recent years? The answer to that question is "no". Will those who wish to participate in the Minister's scheme be required to allow others to be represented during decision-making? No. Will they have to lose some of their control over remuneration? No. That is why it is necessary to say all of these things at the outset. I am trying to give the Minister an opportunity to respond to certain concerns at the beginning of the Committee Stage debate.

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