Seán Sherlock (Cork East, Labour)

I will put my question. The Minister promised he would go in deep. This scheme allows for the possibility of going in deep without going in deep to the banks. I see nothing in the scheme that changes the regulatory framework we have seen heretofore. My question is specifically on page 11 of the scheme, point 45, where the Minister refers to corporate social responsibility. He states, "The Irish Banking Federation, on behalf of all covered institutions, submits a bi-annual report to the Minister on goals and targets laid down by the Minister in relation to corporate social responsibility". I would like the Minister to elaborate on that statement because until we can force a recalibration of the modus of corporate social responsibility and how banks do their business, it will be more of the same and there will be no change to the banking culture. There must be a change to the banking culture. That question is on the minds of the people I represent and it is a legitimate question.

I would like a further teasing out of the appointment of non-executive directors. The Minister previously spoke about the problems that would arise about the legal personality if one were to appoint people directly to the board. Is there no provision that can be made that would serve the public interest by amending any legal provisions that would give the people the power as overseeing executives on boards of banks?

This State pays the Financial Regulator and his offices €57 million per annum. We have seen no bang for our buck. Nothing in this document——

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