Professor Patrick Honohan:

No, it is needed by the people. A well-functioning financial system is one - and only one - of the elements that gives us growth in employment and good wages for the people whom I know the Deputy is very concerned about. I am not saying it works perfectly, of course, it does not. Without a financial system that is choosing investments prudently and carefully and sourcing savings, we would be in a much less well-housed and much less well-employed society. That is not a defence of a particular system. All kinds of political systems can be consistent with this but the banking system is a fragile entity and one which generates good over the long run, on average. We have had a very bad experience in the past ten years.