Rónán Mullen (Independent)

I support Senator Fitzgerald's call for a question and answer session on the economy and the latest dramatic developments. We live in momentous times and I feel reassured that matters are being handled with dispatch, as well as a sense of urgency and clarity about the precise solutions that are needed to deal with the current crisis. One cannot overlook the fact that no matter how much one might resent the large salaries enjoyed by bankers and so on, the welfare of the banks is intrinsically and inextricably tied up with the welfare of the economy and our people. I also compliment Deputy Richard Bruton on his fine contribution to this morning's broadcast of "Morning Ireland". This is a time that calls for a bipartisan approach, which is the sense I am getting in this regard at present. I commend all sides, not simply the Government, in this respect.

I note Senator Hanafin's comment that the day of the storm is not the time to fix the thatch. However, when the debate on the economy takes place, it will be important for Members to consider that however important regulation may be, what is being witnessed globally and nationally simply is the inadequacy of regulation alone. It is clear that a failure of ethics has led to the current global crisis. People felt themselves to be under pressure to produce short-term quarterly results and bent the rules to do so. Members' discussion for the future of finance in Ireland must examine how to inculcate a culture of virtuous leadership, as of all areas this is one in which the rot can set in from the top down. People at board level determine the culture within the organisation. As Warren Buffett stated, it is only when the river runs dry that one realises who has been swimming naked. It is only when we have these problems that we realise who has been acting inappropriately.

I hope we will take the opportunity to have a serious debate about ethics and integrity in the areas of business and finance and how we can stimulate better behaviour in them. The price is too high when there is a failure of ethics.