Michael McCarthy (Labour)

I accept the Leader did not get a chance to respond yesterday to an issue I had raised on the Order of Business, so I will mention it briefly again today. I asked him to impress on the relevant Minister the need to introduce a national insulation scheme as a matter of urgency. Such a scheme would be useful and would have a number of benefits as part of an overall economic strategy. It would create a number of jobs in the construction sector, it would remove people from the social welfare system and it would make our homes more energy efficient.

Similarly, it is important for the Leader to impress on the Minister for Finance the absolute need for the banks to pass on the interest rate cut to this country's hundreds of thousands of mortgage holders. It would be the height of cheek if they were not to do so, especially in light of the manner in which this State guaranteed such institutions last week. We can give the Financial Regulator some powers in this regard if needs be. In the absence of such a system, we need to ensure the Government can lead the charge by reducing the level of arrogance that exists in the banking sector. It should ensure the interest rate reduction is passed on to customers.

We had a good debate last night on a Fine Gael Private Members' motion on educational issues. If the debate had continued for a week, it would not have been difficult to get speakers. I wished to make a good suggestion to the Minister for Education and Science, but by the time I got to speak he had left the Chamber. I thank Senator Boyle for his ecumenical gesture in sharing time with me. The proposal in question involves allowing schools to get mortgages. The State should guarantee mortgages for schools, thereby enabling them to pursue construction projects. A gaelscoil in my constituency is paying €300,000 a year in rent. Surely better value for money could be secured if the State were to guarantee a mortgage for the school in question. When such a scheme was first suggested to the Minister, Deputy Martin, in 1997, he said it was eminently sensible. I urge the Leader to arrange an open-ended debate on education, if there is time, at some stage in the near future. We need to be able to make proposals as we see fit to ensure this country benefits from a better educational infrastructure.