Paul Coghlan (Fine Gael)

The proper recapitalisation of the banks is critical to the future success of the economy, as has been stated by two other Senators this morning. The suggestion made public last night by the Irish Association of Investment Managers that the recapitalisation of the banks should be through funds managed by their own subsidiaries smacks of a classic conflict and the Minister would need to be very cautious in this regard. Obviously if possible we would all prefer that funds come from investments within Ireland rather than from foreign equity houses or venture capitalists — we all know how they would proceed. No doubt the Government is weighing up how best to proceed. A very important question arises. How would Ms Fitzgerald, the former chief executive of the Irish Association of Investment Managers, who now represents consumers' interests, feel about it?

Regarding the abuses that have been highlighted in FÁS, there is concern that similar malpractices exist in other State agencies. A colleague was required to pay €1,000 to access the information that exposed these abuses. If there is to be transparency, which was the original purpose of the Freedom of Information Act, how can we get to a situation where that Act can serve its true purpose?