Dan Boyle (Green Party)

I agree that there is a need for a debate on the banking sector. Such a debate will take place. I would like to respond to Senator O'Toole's comments on remarks I made about the Financial Regulator last week. I pointed out that the standard of regulation in this country is in line with the hands-off approach to regulation throughout the world. Internationally, there have been substantial failures in the regulation of financial institutions in the western developed world. I accept that the legislation pertaining to the Financial Regulator needs to be reconsidered by both houses. As an Opposition spokesman on finance when that legislation was originally introduced, I made several of the criticisms Senator O'Toole has made today. The resignation of the chairman of one of the banks represents the start of the process of restoring public confidence in the banking sector. I do not know of anyone in public life who is prepared to support a State programme of recapitalisation of the banks in the absence of strict conditions applying to those who have shown they are incapable of inspiring public confidence. I am confident that such conditions will be set out when a decision on the matter is made in this House. All Members of this House have a role in identifying and applying such conditions, in the interests of the health of our financial services and the recovery of the economy.