Seymour Crawford (Cavan-Monaghan, Fine Gael)

I agree with my party leader and our spokesman on finance that we must support the Bill in general because we face a difficult situation. The proposal from the Minister and the Government will at least ease some of the pressure in the marketplace. That was vital for those of us who watched the situation unfold on Monday evening and night.

There is a need for fair play and competition. The issue is extremely important as far as those of us living in the Border region are concerned. In Donegal, which was mentioned previously, and in my own constituency of Cavan-Monaghan, a sizeable number of banks are not covered under this ruling from the Minister. The Minister said he "can do". I am saying to him that he must do; "can do" is not good enough. I appreciate that the other banks are foreign based in the United Kingdom, Denmark and elsewhere but some system must be found to ring-fence the business they are doing here to ensure fair competition. From our point of view, Ulster Bank, National Irish Bank and ACC Bank are extremely important and must have regulation put in place.

We must have a clearer indication of the way this scheme will work and whether the taxpayers can be given a guarantee that they will not have a major cost to bear in the future. That is vital. My main reason for speaking, however, is to ask the Minister to indicate clearly that fair play and competition will be allowed within the current banking structures and that the other banks will have some comfort, in whatever way the Minister does that. "Can do" is not enough. I want to hear the Minister say he will do it.

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