Nicky McFadden (Fine Gael)

Last week we witnessed an historic debate in the late hours in the Seanad. We in Fine Gael supported the Government's financial Bill in the interests of the State but with many reservations. We should not forget those reservations especially, as Senator Alex White said, in light of the Government scheme, which is to be announced later in the week.

Senator Fitzgerald spoke about humility. I did not see much humility being demonstrated over the weekend by these so-called bankers but my concern was about what the regulator was doing. On "Prime Time" he appeared to be praising the Government for the wonderful job it was doing. He said the status quo remained, nothing had changed and he stood over everything he said three months ago. I do not have much confidence in him as a regulator of our institutions.

The chief executive officers of these institutions must be accountable. We were told that one of them earned €3.3 million in bonuses. The compensation culture must come to an end. The bank charges that low paid workers, older people and those who are not so well off will have to endure to maintain the standards to which bank chief executives have become accustomed cannot be imposed. I ask the Leader to convey to the Minister that, as Senator Fitzgerald said, the bankers have to be humble. Our people cannot suffer because of the way the bankers have carried on.