Feargal Quinn (Independent)

Let us look at what happened in the United States where it was not just matter of a decision made by the Secretary of the Treasury. The Secretary had to go before Congress where, regrettably, the representatives turned down the proposal. Will the Leader tell the House what will happen in this regard? Is legislation needed as I assume it to be? If so, will the legislation come to the house and will that happen today? Perhaps the Leader can answer that as soon as possible.

Senator Alex White made a point about the Oireachtas Joint Committee on Finance and the Public Service. I am one of the Members of this House who is on that committee. It is only two months since we invited those six banks to report to the committee. Five were represented and questioned on exactly the topic under discussion today. The Committee on Finance and the Public Service exists and had already taken those steps two months ago. I welcome the chance to ensure the committee continues to do this.

Senator Ó Murchú talked about what happened yesterday. I agree with the words he used. I believe we must speak immediately on this matter and we should not spend time on other areas at this stage although the rest of our work must continue. Let us ensure we ask questions and get answers. I hope the debate today on the economy will be a questions and answers session rather than the other format.

I draw attention to one other financial point. I got some change the other day when I was in France. This was not a €5 note but a €5 coin. I had not seen this before and wonder if we are to have such a coin here. It seems to me that we should move in that direction.

Senator Ó Murchú said that the share price of one bank dropped 40% yesterday and wished to see it raised again by the same amount. However, 40% of a lower figure does not bring it back to where it was before.