Paul Coghlan (Fine Gael)

Will the Leader provide an assurance that all banks licensed and regulated in this country will be brought within the scope of the legislation that is due to come before the House later? Members are concerned that Irish taxpayers who are dealing with the institutions which, at present, are definitely not covered by the terms of the Bill should benefit from the protection it is intended to offer, otherwise the Government risks creating the very conditions the legislation is supposedly designed to protect against. The level of risk will increase and there could be a run on one of the institutions to which I refer. God only knows the sort of enormous knock-on effect to which this could give rise and no one wants to contemplate the untold damage that could be done to the economy.

The institutions which, it appears, are not included under the provisions of the Bill would, if they were so included, be obliged to pay for the beneficial cover that would be provided by way of this insurance measure. We must ensure that the legislation we are due to pass later today will create a level playing pitch, otherwise the results could be disastrous.

I agree with Senator O'Toole on the need to urgently strengthen the powers of the Financial Regulator. There will be a need to reform and restructure some of the financial institutions in the near future. In light of the steps being taken by the Government, there will also be a need for State representation on the boards of those institutions when they have been reformed and restructured.