Joe O'Toole (Independent)

I listened to the Leader's list of A words when winding up. I have seven C words in front of me, which I hope to get through in five minutes: currency, consumer, competition, cartel, conspiracy, criminal and confidence. This is the first benefit of the currency in real terms that people see. There are others but this is one clear benefit to consumers who are the key people in all of this. We must ensure they get a return from our involvement in the currency. The whole issue of the Competition Authority brings us back to the point I have been making on a regular basis, that is, it should have the structures and resources to deal with these kinds of issues. One cannot send Detective Plod out to see if the banks are working in a cartel. One needs people who are highly competent and confident, well used to how the banks do their business.

Ordinary people do not realise that for the banks to operate in a cartel in this situation is a criminal act. This is not understood by them. It would be very good for public representatives if ordinary people in the street knew that the legislation we have passed in these Houses protects them from being victimised in these situations. It would also be useful for us to ensure that what we intended in the legislation actually happened. This is the reason the Competition Authority needs to be supported.

There has been a conspiracy in regard to this issue, the financial institutions are operating as a cartel. I do not think that anyone from the banking business could say to me with a straight face that there was no contact between any of the main financial institutions on this issue. Of course, there was, and it continues to be the case. This, effectively, could be proven to be a criminal act. People have recently begun to understand that insider trading is a criminal offence. It would be useful for the message to go out that it would be a criminal act if the banks acted in concert on this issue. Therefore, we should make it clear to the banks and financial institutions that we will ensure the focus is on them and that the matter will be investigated fully.