Charles Flanagan (Laois-Offaly, Fine Gael)

Arising from the Minister's earlier reference to recapitalisation, does he accept the fact that there is some anticipation outside this House that any action on recapitalisation will be led by the Government? There is a clear duty and onus on the banks to engage in recapitalisation, with particular reference to their duty to investors, small business and their shareholders. The Minister speaks of action and execution. What action has he taken recently to influence the banks on their duty regarding recapitalisation to avoid a situation where people appear to be waiting for the Government and the Minister to lead that charge?

Deputy Bruton mentioned the role of the public service director. There may be a conflict that might require amending legislation to the Companies Act given the fiduciary duties of any director and the fact that it would appear that any public service mandate could conflict with the duties of directors as defined in companies legislation.

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