Arthur Spring (Kerry North-West Limerick, Labour)
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In regard to the maximisation of the value of the State's investment in the banks, as per the fifth goal contained in the document, the Department intends to measure this by the return of investment in the banking sector. In my view, the Department needs to have a much greater regard for the social dimension and to look at people as individuals rather than numbers. There is an onus on the Department to take on board the social issues being faced by a generation, particularly in regard to mortgages.

Mr. Moran referred to efforts to secure funds at a lower cost. We can capitalise the banks ultimately through the European Stability Mechanism, if that is the route we go. However, consideration must be given to the multiple tiers within the banks, including deposits, commercial activities, wholesale markets and so on.

When one has multiple strands in respect of the cost of funds, one is more attractive to the private sector in terms of selling one's bank. However, when one has a solitary source in respect of the cost of funds, such as the European Central Bank, an ability to increase the level of funding would decrease the cost at which one could get money. Ultimately, however, that might lead to going into the European Stability Mechanism as being one's only route. What is the Secretary General's viewpoint in this regard? Is the Department trying to reduce the cost of funds to the banks through the ECB? Is there any other way in which the cost of funds to the banks can be brought down?