Aengus Ó Snodaigh (Dublin South Central, Sinn Fein)

A financial regulator needs to show that it has the resolve to monitor and enforce. There needs to be a strong appetite and a political support for strong enforcement action. If the regulator lacks the political support needed to impose sanctions, enforcement may be severely compromised. This was the problem with principles-based regulation and cannot be allowed to continue. I believe much more needs to be done to protect ordinary people who deal with banks on an ongoing basis. An alternative is needed to the business practices of the big banks who ignored the small creditor and deposit holder. I believe we need a State bank which looks after these interests and has local branches. Many of the big companies who have caused the mess we are in are those who not so long ago closed small branch networks around the country. It is a pity some of these banks did not concentrate more on small lenders and businesses. Perhaps then we would not be in the crisis we are in.

It is time this Government stood back and allowed somebody else to take over. I welcome the Bill. However, I do not believe it has political backing because the people behind it and those on whom they are depending for advice are the same people responsible for the predicament we are in.

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