Caoimhghín Ó Caoláin (Cavan-Monaghan, Sinn Fein)

He is right, of course, but the reality for most people watching is that the word "pathetic" more properly applies to the situation where the Tánaiste, the Taoiseach, the Minister for Finance and the Minister for Public Expenditure and Reform were all in a room with representatives of AIB and Bank of Ireland which, to all intents and purposes, are in public ownership, as well as of Ulster Bank, and, in response to their polite request that the banks pass on the recent interest rate reduction, they were told, "No." There is an absolute responsibility on the Government to stand up to the banking institutions.

In his reply to the last questioner the Tánaiste said the Government would consider introducing legislation and that the Government was awaiting the assessment of the Financial Regulator of what he might deem appropriate at this time. There is a requirement for the Tánaiste to be fully honest with the House and the people. Has he not already received an indication from the Financial Regulator and the Governor of the Central Bank of what their assessment is and does he agree that what we are awaiting is an unfolding enactment? The reality is that he knows exactly where they stand on this matter and, despite all the jumping up and down, irrespective of what the Financial Regulator might recommend, the Government will have to take the decision to stand up and confront the banks to protect the interests of ordinary mortgage holders into the future. Has he already received an indication from the Financial Regulator and the Governor of the Central Bank on this matter? Has he, with his colleagues in the Cabinet, already made a decision to proceed with legislation to compel the banks to act in this respect - it would not be a voluntary act. They should not only be compelled to pass on the most recent interest rate reduction but all future interest rate cuts. Will the Tánaiste come clean with the House on the matter?

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