John Dardis (Progressive Democrats)

I thank all the Senators for their interventions this morning. Senator Brian Hayes, the leader of the Opposition, moved an amendment which was seconded by Senator O'Toole. Senators Ryan, Bannon, Dooley and Coghlan also spoke about the same issue, the reduction in interest rates by the ECB and the tardiness of the banks in passing on the reduction. There is a important competition issue here. We are all being asked to have a competitive economy and obviously one of the key factors in all of that is the cost of funds to small businesses. It is quite obvious that the margin being charged by the banks, relative to that on which they are getting their own funds, is a high one and is a multiple of the margins elsewhere in the European Union. Although it is an important issue, we cannot find time to discuss it today.

Incidentally, I did a sum on the back of an envelope yesterday evening. As I understand it, 0.5% of the €46 billion outstanding in mortgages amounts to €230 million per annum or €630,000 per day. The mortgage book accounts for one third of total lending and therefore it is a very serious issue. It is an issue which the House should debate but unfortunately we will not be able to do so today.

The matter of election spending was raised by Senator Brian Hayes. I am not aware of proposals to increase the spending limit but I will certainly make inquiries in that regard. If there are such proposals, I am sure they will come before the House in due course to be debated.

The portrait of the President was raised by Senator O'Toole. You yourself remarked on it, a Chathaoirligh. It is primarily a matter for the Committee on Procedure and Privileges, but it is important that in any country the portrait of the head of state should be in the parliament and it is common practice throughout the world. It is a matter for Committee on Procedure and Privileges to decide what others might be there.

On Senator Ryan's shift on the trade union movement, I will leave it to the domestic squabbling between the various Members on the other side of the House to sort that one out. He seemed to have a difficulty with Fine Gael rather than with the Government on the matter of race and immigration, and we will leave him to sort that one out with Fine Gael.