Alex White (Labour)

I agree with what Senator O'Toole has said about the banks. It seems there will be an initiative early in 2009. We need to pause before we consider putting taxpayers' money into those banks in which certain activities, which have been exposed in recent days, appear to have been occurring. We do not know precisely what has been happening. We do not have the precise detail of the story that has emerged this morning. Like many such stories, it appears to have been dragged out rather than revealed publicly in an open fashion. Senator Fitzgerald is right to suggest that there is very little cheer, Christmas cheer or otherwise, in the ESRI report. I am sorry if it seems a little harsh, but we got some good news this morning when we heard of a resignation in the banking sector.