Paschal Donohoe (Dublin Central, Fine Gael) | Oireachtas source

I disagree with the Deputy. I do not believe the cultural issues we are referring to here came from the identity of the shareholders. The amount of time in which the Irish taxpayer has either owned entirely or owned a stake in our banks in Ireland is a short period relative to the existence of all of these entities. I believe the cultural issues we are referring to are separate to the issue of who the shareholder was at any point in time.

Where I agree with the Deputy - and it might surprise him to hear me say this - is that it is the role and the nature of private sector organisations to see how they can maximise profit. Some do it at a different pace. Some look at where they are in a quarter; some look at where they are in a year and beyond that. In order to hit the kind of balance the Deputy is referring to, we need strong regulation and independent institutions like the Central Bank. Where banks are different from many other companies is their viability and that what they do is fundamentally interwoven into modern economies. We need banks that are able to lend and to sustain economic activity. When banks are in difficulty it has profound consequences for the economy within which the bank is located, as we know to our cost.