Seanad debates

Tuesday, 16 December 2008

2:30 pm

Photo of Frances FitzgeraldFrances Fitzgerald (Fine Gael)

There are a number of issues to be raised. I wish to comment on the banking decisions that have been taken, the call from this side of the House for a debate on the Lisbon treaty following the European Council, which is not on this week's agenda, and events in the Equality Authority.

Is it intended to introduce legislation this week on the banking sector? What the public needs from the Government, particularly the Minister for Finance, at present is clarity, detail, accuracy and clear policy on this area, but the information we have been given is general. Many questions arise about the capitalisation of the banks, not least whether it will ensure that businesses and the economy will benefit. Representatives of the banks appeared before the finance committee today and they had a different view on the situation from that of small businesses. The banks' representatives say that credit is not a problem whereas small businesses say it is.

The Minister must come to the House to clarify his intentions. Equally, with regard to the management of the banks following recapitalisation, will the current management continue in place? What price is the Government exacting for this huge amount of money and how will that be dealt with? A series of questions must be asked. I wish to move an amendment to the Order of Business to provide that the House discuss this issue and be brought up to date on the Government's thinking. We need greater clarity on the Government's approach; the one thing people need from the Government is clarity and detail.

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