Beverley Flynn (Mayo, Fianna Fail)

I am pleased to speak to the motion. It is very important to give confidence to international markets about our financial sector and long-term future. It is critically important that we do so at this time. There is little point in coming to the House and providing bank guarantees and for recapitalisation of the two main banks at a cost of €7 billion to the taxpayer if we continue to talk down the financial sector causing a loss of confidence, domestically and internationally. Everyone in the House has a responsibility to stop doing so. There have been outflows of funds from Ireland which can only create further damage to the economy due to a lack of liquidity. This helps no one. It is important that everyone in the House recognises that point and seeks to provide the necessary solutions and attempts to do so collectively. People must stop making political hay at the expense of the country. We are all aware that regulation is grossly inadequate. The previous speaker made reference to this fact. Everyone acknowledges it and it must be dealt with. We are also aware that senior bank executives are paid far too much. As Mr. Barack Obama said in the United States today, that day is over. It is over in Ireland too. It is outrageous that a senior bank executive could earn more than the Taoiseach, the most senior individual in the country. It is hard to believe any bank executive could earn more money than him, even though he is running the country.

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