Kieran O'Donnell (Limerick East, Fine Gael)

When the Minister of State checks the facts out, he will find that they are accurate. This is not about bailing out the banks, or keeping bankers in salaries or re-appointing people who created the problem. However, on both occasions that is what has happened in the banking sector. How can the Government expect the public to have trust?

We have made a very straightforward proposal. If the proper regulatory system is not in place, the international markets will not have trust in our banking system. We propose that the board and management of the Financial Regulator step down, to be replaced by a new management and board. That would send out a strong statement from the Government that it means business.

Apart from the financial regulation system, one of the key features is that operators from the international markets are looking at the state of our public finances and this has an important bearing on our banking sector. The Government needs to bring in a new budget. It needs to bring a proper economic plan before the House. It needs to bring in proper measures in the areas of job retention and job creation. We brought forward a proposal — well received by the business community — to grant an exemption to employers' PRSI for two years. I hope we hear practical suggestions at the Fianna Fáil Ard-Fheis at the weekend, which can be followed up with job creation.

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