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

Ordinarily I would be critical of banks for some of the things that have happened over the past 15 years or so, but in this case I think the Minister is correct.

We are at a very sensitive juncture. All efforts need to be made to ensure nothing distracts the banks or gives them an opportunity or excuse for not doing what is required most at this time, which is that pillar banks must lend to people who want to buy and build houses. If they do not lend, where will the money come from? We will become more dependent on the investment funds. That would not be a good idea.

Incidentally, some banks have repaid the bailout they received from a previous Government. Some, admittedly, have not and that is something to which we need to look forward. We need to encourage the banks to lend in the way that is required at this important time for those who are seeking to build homes or buy a house on the marketplace. They banks need to do this consistently for a period and the Government should not distract them by intervening to punish them a little more, on the basis that this would be the normal course of events. The Minister is right in this case. I ask him to carefully monitor the extent to which the pillar banks are preparing to lend to those who are trying to buy their own house. It is not a condition, but there should and needs to be a recognition that this is what they will do.

Two banks have left the country but have retained an interest in it. For what purpose I do not know, and I have put questions down on the matter. I hope the existing remaining banks are not in any way disadvantaged by any competition that might come from the banks that have decided to leave.

It is crucial to the Irish economy that we have an open, transparent, working banking system, one that is available to its customers in a way that has not been shown over the past ten years or so. The banks, without exception, must be committed to putting their shoulders to the wheel in order to ensure the Irish people have available to them opportunities to have their banking requirements met.