Seán Barrett (Dún Laoghaire, Fine Gael)

I ask Deputy Gogarty to continue playing with his laptop until I finish my contribution. He will have a chance to respond to my comments when his turn comes. In the meantime, I ask him not to interfere with my train of thought.

I see no reason that Baldonnel cannot be used for internal flights. It is located off the N7, close to the M50 and convenient to developing areas in Kildare and elsewhere. It could even be used for flights to the United Kingdom and for charter flights. This would relieve congestion at Dublin Airport and on the roads surrounding it. Every time there is a traffic jam, more emissions are released. We have gone to great trouble to regrade motor vehicle taxation in order to encourage people to purchase vehicles that emit less CO2, yet we are not dealing with the problem of traffic jams. A greater level of emissions may arise on Pearse Street on a wet Friday afternoon than may accrue from 100 cars driving in and out of the city centre. Will the Minister report back to the House on the difficulties, if any, that present in terms of using Baldonnel Airport for the purposes I have outlined? It makes perfect sense, offering an ideal location and with the prospect of helping to lower considerably our emission targets.

The current difficulties in the financial markets have arisen because there has been a breakdown in trust between banks. Banks are no longer prepared to lend to one other because they do not trust their counterparts' ability to make repayments. This breakdown of trust is a consequence of the sheer greed which saw bankers lending money to those who could not afford to make the repayments. Bad debts were bundled up and sold on and the result is that the trust between banks has broken down. We may ask about the role of the supervisors who were supposed to manage all this. The reality is that this type of supervision was considered unimportant as long as money was being made.

The problem throughout the financial sector is that banks want to be building societies or insurance companies and vice versa. One calls to mind the old saying that plumbing is for plumbers. If I have a plumbing problem, I do not seek the services of a carpenter. Throughout Europe, we must restore standards in financial dealings so that people can have trust in the system. We must return to a position where utmost good faith is a basic principle in any contract law. For example, insurance cannot be underwritten unless there is good faith.

There is much talk of re-financing and so on in the financial markets. Ultimately, however, trust is everything. I read an article in the business section of the Sunday Independent which detailed how the Irish Nationwide Building Society has pitched in for Mohamed Al Fayed at Fulham Football Club. How is it that a building society which was established to provide mortgages is investing in Fulham Football Club? This is apparently the second time it has made such an investment, having already invested €22 million via a group of property developers involved in the purchase of Craven Cottage. The same article reveals that Bank of Ireland is involved with Arsenal Football Club and Wembley Stadium. We have spent recent weeks discussing how we may restore confidence. It is only through effective regulation and control that we can hope once again to enjoy the benefits of a successful financial sector.

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