Frances Fitzgerald (Fine Gael)

I wish to develop a specific point. It is clear from the events of recent weeks that the ordinary punter believes that insider networks have emerged. The lack of accountability and regulation is clear for all to see. Fine Gael asked the Minister to include in this Bill a requirement that any new directors of the bank should be vetted by the Oireachtas on a cross-party basis. We have not secured agreement on that. We have also raised questions about the Minister's power to fire any staff member at will. We have pointed out that massive risks could be encountered by bank lending officers who try to recover developer loans. This section of the Bill should address the lack of objective regulation of the insider culture in our banks. We need to hear more than we have already heard from the Government about how it intends to ensure this does not happen again.

Fairly radical change is needed if we are to ensure that the tent in Galway is no longer frequented by an insider network of politicians, developers and bankers. The question of whether the role of directors is in line with company law, as things stand, should be the subject of more discussion in this House. How will directors meet their various obligations in a new culture?