Donie Cassidy (Fianna Fail)

Senators O'Reilly, Harris and other Senators, including Senator Wilson to whom I spoke prior to the Order of Business, brought a related matter to my attention, namely, that of the funding for Church of Ireland schools. As one who was born within 100 yards of a Church of Ireland school in north Westmeath, I support that request and will discuss the matter with the Minister following the Order of Business. The Senators who brought this matter to my attention might bring it to the attention of the Minister during the Private Members' debate from 5.30 p.m. to 7.30 p.m.

Senators O'Toole, Mullen, O'Reilly, Harris, Norris, Walsh, Ó Murchú, Quinn, Hanafin, Coffey, Bacik and John Paul Phelan expressed serious views and concerns regarding stem cell research and the decision taken in University College Cork yesterday. I have no difficulty in arranging for a debate on that matter to take place in the House. I will endeavour that such a debate will take place at earliest possible time and will discuss the arrangements with the leaders of the groups following the Order of Business.

Senators Alex White, Quinn and Hanafin called for a debate on the banking sector. I have no difficulty in accommodating such a debate. I said on the Order of Business two weeks ago that I intend to have a debate on the economy, finance and banking at least once a month for the next two or three months in an effort to assist the House.

I must take on board the points made by Senator Quinn, who has employed hundreds if not thousands of people. We must be level headed in regard to the challenge we face. Our country is ideally positioned and far better positioned than many others in regard to the challenges facing us. I welcome the announcement that interest rates will fall further. They have fallen by 0.5% and hopefully they will decrease substantially more in the next two or three months. That will present an opportunity for the private sector. I have said in this House that the private sector brought us the Celtic tiger part one and part two. It will play its part, provided there is a level playing field, to bring us the Celtic tiger part three in three or four years' time.