Ned O'Keeffe (Cork East, Fianna Fail)

I apologise to you, a Cheann Comhairle.

Why did the Minister not give the Committee of Public Accounts' auditor, the Comptroller and Auditor General, the right to examine those banks and institutions to see what is there? He would be more independent than the banks' auditors who, I suspect, are appointed by the chief executive and the board under the Companies Act, which is different. They are there to protect shareholders but I am conscious that they do not protect customers.

When the audit has been completed, will those management letters be available to the Minister to see what the auditor's findings were on the failures of the past 12 months? Management letters are discussed at board level, if presented by the auditors.

How many of these banks will need capital? Is it the Minister's intention to force a merger of banks? Does the Minister have that right? We have been told of various names in this regard. What is the position of the six major Irish institutions? Is the Minister sure they will all sign up to this agreement? As we have seen in the last few days, arising from some issues, the share price has collapsed. I understand that Anglo-Irish Bank will publish its annual report in December. Has the Minister or the regulator had sight or knowledge of what is in that bank's annual report for last year, vis-À-vis what we are hearing now?

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