Bernard Durkan (Kildare North, Fine Gael) | Oireachtas source

I welcome the witnesses and thank them for coming. There a couple of things the committee needs to deal with. I was unable to attend the earlier meeting as I had two meetings at the same time. The non-attendance of representatives of the Ulster Bank and the Central Bank on foot of the committee's request is unacceptable. Presumably it is based on its view that it is none of the committee's business and it will do whatever it is intent on doing regardless and will consult afterwards. Unfortunately, the recent history of the banking system in this country would lead us to have serious questions about that kind of attitude. Many times before the financial crash, the House raised questions about the direction in which the country, and particularly the banking system, was going. We were reassured our fears were groundless, there was no need to worry, we were in safe hands and the banks knew what they were doing. They did not, however, that is the bottom line on it, and it appears they still do not know what they are doing. To treat Members of the Houses of the Oireachtas, those elected by the people of this country to be their messengers, with an offhand attitude is absolutely unacceptable. Legislation may have to be considered to deal with this because the move is of such magnitude and will have such an impact on the banking system, as well as businesses, domestic customers and mortgage holders. Everyone in the country is affected by this kind of attitude, especially when it is a bank with a large portion of the market. I know the Chairman has written to the bank again expressing dissatisfaction. It says it does not want to discuss commercially sensitive issues.

We do not want it to discuss business sensitive issues. We want to tell it what we think as the elected representatives of the public in this country, representing business, industry, agriculture and the banking system. It is not just one sector. It is everybody. It behoves it to come before the committee at the earliest opportunity and give us an indication that it is listening to what we have to say. I emphasise I do not want it to divulge any secrets but I want to know if its intention is to sink part of the banking system into oblivion and to do so at its leisure without reference to anybody. That would not be acceptable, particularly in the aftermath of the banking issues we have come through in the past ten years.

The Governor of the Central Bank has a role and should be here in this context, as should a representative of Ulster Bank. A representative of NatWest should also be here, particularly given that we are now talking about an entity that will be outside the European Union, and controlled from outside it, shortly. It is totally unacceptable that people in that situation do not respond to what is a genuine call. The Financial Regulator also has a role. The regulatory system is affected by changes in the format of the banking system in the country and by changes in polices, including lending policies and staff relations policies, the latter being a simple aspect.

All members have spoken with the relevant Ministers since we spoke last. The Minister for Finance is very concerned about what is happening. He is monitoring it on a daily basis and continues to be ready to respond to whatever might happen when it might happen. The most important aspect is that it cannot be allowed to become established in this kind of situation that the banking system, or the controllers of part of the banking system, have it within their gift to determine what they will do regardless of what anybody else, or the people of the country, think or how the people and their lives will be affected by it.