Eamon Gilmore (Dún Laoghaire, Labour) | Oireachtas source

We are in a situation, therefore, in which the banks, largely because of the commitment made to them and the fact that they were bailed out by the State using taxpayers’ money, have a community responsibility, a social responsibility - call it what one will. I believe that responsibility is in large part measured - Deputy Donnelly gave some of the figures earlier - by the amounts provided for the banks to resolve mortgage distress. They should get on and do that.

We have set targets through the Central Bank for the banks to deal with distressed mortgage holders. Deputy Donnelly asked how this will be complied with. We have engagement at government level through the Minister for Finance and his Department, on some occasions through the Economic Management Council, and the Central Bank will continue that engagement with the banks until we see the mortgage distress problem resolved.

There is also the degree of public accountability that is exercised through the Oireachtas finance committee. I commend the committee on its decision to bring the banks' representatives before it to ensure their public accountability. This is not just a matter that can be dealt with and discussed behind closed doors. This is a matter of public interest in which public moneys have been committed to the banks. It is only right and proper that they appear regularly before the finance committee to account publicly for what they are doing.

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