John Gerard Hanafin (Fianna Fail)

In recognition of what was already said in the House by the Opposition about a world financial meltdown, I ask the Leader to convene a debate. Once the scheme of the Credit Institutions (Financial Support) Bill 2008 has been agreed, the House should discuss the membership of bank boards and whether banks need further capitalisation. Should that be the case, the Government should step in and take a financial stake in the banks. The State would probably secure a large stakeholding for a relatively small sum which could prove financially lucrative. A number of the Independent Senators who spoke on financial matters would make good representatives on some of the bank boards. This would provide a direct link between the House and the financial institutions and demonstrate a degree of independence.