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

We do need to be vigilant. If the Oireachtas agrees to the passage of this legislation, then it will be a further step forward in how we regulate and guard against risks. I take some heart from the fact that we went through a pandemic that put such a strain on people who had loans with banks and were in relationship with banks, particularly SMEs. While the massive financial support the State provided to individuals played a really critical role, if not the critical role, in managing the risks of the last two years, we never reached a point here Ireland where the financial sector ran the risk of becoming a part of the problem. This demonstrates that over the years leading up to that point, standards regarding lending and the regulation of our banks made a difference. As I said, however, I am still being precise in the point I made. The fiscal support, indirectly, of course, played a valuable role in avoiding the banking sector being a source of additional problems, but I still believe the regulatory standards we adhered to up to that point, in respect of loans, how they were made available and at what level, did have a value in dealing with the pandemic.