Paschal Donohoe (Fine Gael)

Those are the words used by the Minister for Finance. These same orphans are telling taxpayers who are prepared to underwrite them at some point in the future that they may need to charge more for the privilege of banking with them. It is vital that we organise regular debates on the organisation and delivery of the banking system, given the radical new regime under which they will work. I know I am asking for too much but it would be wonderful if the banks took this opportunity to demonstrate a little grace and an awareness of their obligation to the State and taxpayers when they are considering schemes such as that referred to in the newspaper.

One of the provisions of the Credit Institutions (Financial Support) Bill 2008 makes it clear that the Government is expecting radical consolidation and change in the banking sector. We need to ensure we have proactive plans in place to ensure this does not result in greater unemployment, less competition and less generous banking terms.

In response to Senator Butler, let me point out that his party in Government is starving local authorities of the funding they need. I look forward to having a debate with him on that issue.