Gerry Horkan (Fianna Fail) | Oireachtas source

That parks the issue, but I thank Professor Lane for acknowledging the position.

The report points out that however bad everything was, the position now is certainly better than previously. That is blatantly obvious. Ten years after the guarantee and almost eight years since the bailout, it should be. However, the tendency towards firefighting and going back to the old ways remains. I saw a reference to a board meeting being taken up with a great deal of regulation and headline items in respect of which it had to be informed. I know that happens in other organisations. They are dealing with so much compliance, they do not get any time to deal with long-term strategy, and Professor Lane mentioned that. Is there a genuine issue in the five main banks with planning and looking at their long-term futures, and that of the country? Regardless of whether we like it, the country needs banks as much as they need it. If we do not have banks, we need something else. I am not convinced by Professor Lane's report in terms of their being sufficient long-term strategic thinking happening at board level. It is very easy not to do it, but it is essential.