Ned O'Keeffe (Cork East, Fianna Fail)

Many issues have to be clarified for the pundit on the street and investors and borrowers who are concerned. The insurance industry is also tied into the matter. We must look at the big picture. I sympathise with the Minister on what he is trying to do. The role of the Central Bank has to be strengthened in future and that may require more legislation. Either the system is weak or there is not enough power to do what is required. These things should not happen if a financial system is properly regulated. Finance is a delicate business and we have seen recently how much that is the case.

The Minister has a big job on his hands. He has handled the crisis very well since it began last Wednesday. We would be facing an even greater crisis were it not for the action that has been taken. While it is being lauded across the world, that does not mean it will be successful. We saw what happened in America, in one of the biggest financial markets in the world, and in many places in Europe. I urge the Minister to pick up the bits and pieces.

I asked for clarification on deposits for people in institutions other than the six being covered by the Minister. If that issue is not addressed there will be a crisis. E-mails have been sent by banks urging the removal of deposits from banks outside the scheme. The move has already started. The financial institutions are already using the legislation. I received a telephone call in the past hour on the issue. The situation is serious for those who do not know what security there is to protect the money they have on deposit.

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