Jim Walsh (Fianna Fail)

I concur with much of what has been said about the overnight revelations on the banking sector. For some time there has been a need to strengthen corporate governance, particularly for public companies. Salaries, remuneration packages and obviously now other aspects of benefit to people who are directors and chief executives of those companies are alarming and very detrimental to the interest of shareholders in those companies. When we come back we should have a full debate on that matter.

I point out to those who might seek to exonerate people who work in the public service, which has regulatory control over these matters, that the episode highlighted last night has been going on for the past six or seven years, according to reports, but it is only now coming to light. It is not good enough that people within the regulatory authorities are not more diligent. I fully agree with what Senator Boyle said. Internationally and domestically there are serious questions to ask of those who regulate the banking sector and those who operated and ran the banking sector, in many instances for their own benefit rather than for the benefit of the organisation for which they were working and for the benefit of society generally. When we resume in the new year we should have a debate on all these aspects.