Donie Cassidy (Fianna Fail)

Those of us in the Oireachtas and the people of Ireland have done our bit last week and we are continuing to do it. Our commitment is to a strong banking system in our country. The banks have an obligation and a responsibility. Without putting a tooth in it, we expect them to do this. I congratulate the Halifax and the AIB banks who came out straight away and announced they would reduce their interest rates. This is not a time when the banks can consider making profits in any shape or form; we are concerned with the survival of the economy of our country and they too must play a part. Whatever happened in the past, the Oireachtas came to the rescue last week. As has been said here this morning, the national media have a duty and a responsibility to announce, on an hourly basis, the names of the banks who are not going to implement the reduction. The AIB and the Halifax banks have given the lead and example.

The Minister for Finance is consulting with the European Union. I understand that the foreign banks with substantial and significant business in Ireland are included in the scheme and this is welcome. Yesterday morning I highlighted to the House the significant number of account holders in the Ulster Bank, the ACC bank and National Irish Bank. Other substantial foreign banks are doing huge business here. We want competition in the market place because it keeps the competitive edge going among our hard pressed business people who have been providing employment over many generations.

As Leader of the House and on behalf of Seanad Éireann I echo the unanimous call of Senators that the Financial Regulator and the banks implement the 0.5% interest rate reduction immediately. I call on the national media, who I know will play its part, in the national interest and along with us as parliamentarians, to monitor on an hourly basis and say who in the banking world is not paying their part.