Caoimhghín Ó Caoláin (Cavan-Monaghan, Sinn Fein)

We are at a crossroads and the Minister is in the driving seat of a vehicle facing a number of choices. He can use the powers that will be vested in him as a result of the passing of this legislation wisely by ensuring a new route is embarked on regarding regulation of the financial sector, banking and other institutions. That is one of the real products that can result from the passage of this legislation. Over the past 48 hours we have heard account after account of the various excesses and abuses that have been the practice of the banks and other financial bodies in this State over many decades. That must end. A new beginning must be embarked on. I hope the Minister will have the courage to ensure that is the route we take. It is essential. There are many outstanding questions on the real outworking of this legislation. However, in consequence of what we recognise as a most serious situation facing the economy of this State, there must be a courageous response.

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