John Halligan (Waterford, Independent) | Oireachtas source

Despite the significantly lower cost of wholesale funding, not to mention the €20.8 billion we used to bail out the banks, there is no question in ordinary people's minds that the banks have been underwhelming, to say the least, in their response to this crisis. Of all the institutions I deal with, such as State institutions, the health service, credit unions or whatever, some of the banks have been the most inhuman. They have very little compassion for people. It is no wonder that people are furious. The Minister cannot blame them for looking to Europe and the variable rate there. There is now a fear that we seem to have no control over the banks.

I have gone out my way not to criticise the Minister personally but the point remains that I am dubious about the reasons he is giving for the Central Bank saying it would mean very little to bring in legislation. That matter should be put to the banks. I would like to have debated in the House the effects the Central Bank says the introduction of legislation would have on future lending. I am not too sure that what is being said is the case. However, the case remains that there are 30,000 people who cannot pay the rates as they stand today.

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