Conor Lenihan (Dublin South West, Fianna Fail)

I apologise to the House in advance because I will not, on this occasion, rise to the passion and eloquence exhibited by Deputy Michael D. Higgins. Having listened carefully to the Deputy, I admit that he is substantially correct in what he says. The market has overheated and the globalisation of risk in capital has led to a situation where regulation has lagged behind the market and some of the more reprehensible market practices we have seen in recent times. The Deputy is absolutely correct in substance but I am not so sure that an apology from a bank executive or governor, or indeed from a plethora of bank governors, will achieve the result we all desire.

We are not out of the woods yet. There is a severe liquidity and capital problem at the heart of the world's financial system and that fact is very evident in this scheme put forward by the Minister for Finance. This is one in a number of very important steps that will have to be taken to restore confidence in our domestic banking system and confidence among the lenders themselves so that they can begin to encourage the lifeblood of trade again by engaging in more lending in a responsible and appropriate fashion.

While I do not wish to be seen to compliment the Minister for Finance because he is my brother——

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