Joe O'Toole (Independent)

It is reasonable to ask for the Government to outline its position on the scheme. A commitment was given to bring in the regulation this week. While supporting the call for an explanation, I am not saying the Government should rush the delivery of the scheme. If I were in Government, I would favour examining the detail some more. However, if there has been a change of mind by the Government on the timing of the publication of the scheme, we are entitled to be informed because we discussed the matter at length and, in that regard, the request of Senator Fitzgerald is reasonable.

Despite the significant intervention by the UK Government, amounting to some £60 billion sterling, the UK markets dropped this morning. The reason for this is clear. It was an admission by the UK Government that their banks are undercapitalised. Our Financial Regulator has said consistently, and he is not the only person, that our banks are not undercapitalised. The Minister for Finance said the same thing in the House last week. That is a solid position if we hold it and it should not mean anything to the people in the market who trade on the basis of supply and demand and dropping prices. However, the matter is interesting. The UK Government made another intervention this morning. Apart from the intervention just mentioned, it copied the Irish Government by providing a guarantee on deposits and other activities. It will be interesting to see how the markets respond. However, it seems nothing will impact on the markets as there is merely a lack of confidence and it will take time to restore it. We should not be rushing after the markets and we must try to deal with the matter as cleverly as we can.

The Private Members' motion deals with education and I look forward to discussing it. However, there is a specific issue on which I wish to comment. Every month the Cathaoirleach receives a deluge of requests seeking an update on the progress of schools building projects. The issue is not related to a quantum or sum of money, rather it is a question of how business is done. I have dealt with buildings for primary education for more than 30 years and the problem is that no one in the Dáil or Seanad, including myself, can explain to an ordinary punter or school management board what is happening with a given school building project.