Paddy Burke (Fine Gael)

I also thank the Leader for extending the allocated time to give me a few minutes to ask some questions. The Minister for Finance stated in the Dáil that he will await the outcome of his officials' investigations in conjunction with the Central Bank and the Financial Regulator before announcing the scheme. When does he expect to receive a report from his investigators and when does he believe the scheme will be laid before the Houses of the Oireachtas?

Although a number of Senators have queried what took place on Monday last, everyone knows what happened. The Minister's office and the Taoiseach's office were inundated with calls from business people and banks to rescue them. I note the Minister is finding it extremely difficult to find a formula to ring-fence the two remaining banks, that is, Ulster Bank and National Irish Bank. The legislation under discussion makes provision for amalgamations, mergers or buy-outs by other institutions. What would be the position were one of the six banks the Minister named on Monday morning taken over by an English or German bank? Would the guarantees still apply or would they cease?

I wish to raise another point with the Minister in respect of clearing cheques. When one cashes a cheque, one must first lodge it into one's account and it takes 12 days to clear. While the Minister had no alternative to do other than what he did, he should insist to the banks that it should not take 12 days to clear the cheques of ordinary people who wish to cash their wages. He should stipulate that the banks must take control of the matter immediately.

The Minister's other option was to take a stake in some of the banks. If, contrary to the comments of some, there is no great risk in this regard, why did the Government not choose to take stakes in some of the banks?