Ned O'Keeffe (Cork East, Fianna Fail)

I apologise to the Ceann Comhairle because this is an important matter and finance is an important issue to the economy. I beg his pardon to give me an opportunity to say a few words. The Minister is aware of my concerns as I questioned him on what will happen to the banks that are not included in the scheme. Who will support their depositors? We hear Rabobank and Danske Bank have a triple A rating but what will happen to customers of Ulster Bank that is tied in to the Royal Bank of Scotland? We read in the financial newspapers and business sections that, as an institution, the Royal Bank of Scotland has difficulties across the world. Fortis bank in Belgium and Holland took over ABN AMRO a few years ago, which was bid for then by Royal Bank of Scotland, and it was unable to meet the targets and the price. We fail in that situation. The issue is a much greater one than we are discussing here. I hope the approach we are taking will work and that we do not have to come back in six months to deal with a new crisis. What can the Minister do to control the institutions that lend money? One of them is shovelling out money indiscriminately to developers and property owners. There is a need for regulation.

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