Pat Rabbitte (Dublin South West, Labour)

These debates are entirely inadequate to deal with the issues that are before us. I note that the Minister is required to talk to or consult the Central Bank and the Financial Regulator. Up to now, I have not made much comment about the regulator because, by and large, I believe public servants do the job they are allowed to do. However, the more one examines the matter, the more horrified one becomes at the role of the regulatory authority. I note the emergency decision made by the Taoiseach before the Ard-Fheis, which permitted us no opportunity to properly discuss the issues involved. There was some brief discussion at the time that the senior counsel, Mr. Michael McDowell, made his report on regulation. A hybrid was born which has failed, with tragic consequences for the country. The Taoiseach went ahead notwithstanding and announced a new configuration without any discussion and it is a matter that we must discuss.

I do not agree with the comments of my colleague, Deputy O'Donnell, to the effect that perhaps the 8% coupon was punitive on the individual banks.

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