Shane Ross (Independent)

I have a question for the Leader. Will he allow the House to address the issue of bank recapitalisation which was raised by Senators Regan and Coghlan? I reiterate Senator Coghlan's point that there is a real danger associated with this form of investment. We are asking the banks to invest in one other. As far as I can see, we are asking for self-investment. We are asking Bank of Ireland to invest in Bank of Ireland and AIB to invest in AIB. We are also asking them to invest in each other. One of the problems with the Irish banking system has always been this type of incestuous investment, whereby the banks invest in one another, thereby strengthening the cartel. On doing so, the banks' representatives can go to one another's annual general meetings and vote for one another. The small shareholder does not get a look in. The proposal will further this trend. If Bank of Ireland or any of the other banks is allowed to invest in itself or another bank money that is not its own but which it manages, its position will become conflicted. We will have a serious problem down the line and cartels galore, rather than the opposite, as desired. I urge the Leader to invite the Minister for Finance to come to the House to listen to this argument. The proposal is very dangerous.