John Gerard Hanafin (Fianna Fail)

Will the Leader request the Minister for Finance to come to the House to discuss the issue of the recapitalisation of the banks? The banks have stated clearly they do not need recapitalisation, but commentators suggest they might need it. There is a question of what type of recapitalisation might be required and who would provide the capital. I am aware there is talk of some hedge funds being involved.

I would not be in favour of a hedge fund taking an equity stake in any Irish bank. I would much prefer State involvement or, failing that, European involvement, or even involvement by some of the ethical sovereign wealth funds. For example, the Norwegian sovereign wealth fund already invests in Ireland through Bank of Ireland, Allied Irish Banks, Cement Roadstone Holdings and Ryanair. Obvious spin-offs and beneficial trade could emanate from allowing a sovereign wealth fund to invest in a strategic asset in Ireland. However, it may not be in Ireland's best interest to have another scenario like Eircom.

It is not good for any Member to comment on rumours and yesterday there were discussions that a former leader may have made representations. As a councillor, I often was asked to make representations on behalf of a particular person for a house, only to be asked subsequently by someone else to do the same thing. In such circumstances, one makes representations to the best of one's ability on behalf of everyone who seeks the house in question. I see nothing wrong with a former leader giving assistance to people. However, imputing negative or incorrect motives for so doing does not do this House a service.