Kathleen O'Meara (Labour)

I agree with Senators who have asked for a debate on the failure of the three large banks to reduce interest rates in line with the ECB reduction last week. It is important that the issue of the lack of responsibility taken by the banks in relation to the economy is debated. Many householders across the country will be affected hugely by this decision. I am not sure that the Minister for Finance should come here for the debate because he seems to take a very laissez-faire attitude to this issue. Judging from his remarks at the weekend, he seems to think the market will decide but I am not sure that will happen. It seems that we need more power in order that we can have a far more interventionist role.