Michael Noonan (Limerick City, Fine Gael)

There are many problems in banks and, obviously, technology is one problem and lending is another problem. The biggest problem of all is credibility. We cannot believe the banks; we cannot believe what they say. Look at what is happening in the City of London at the moment and one will get examples in nine-foot-high letters of what the key problem is. There is a credibility problem and I hope Ulster Bank and RBS move very quickly to restore credibility because they must be suffering considerable reputational damage. Senior management in those banks then have to accept responsibility, but that is what a board of directors is for.

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