Marc MacSharry (Fianna Fail)

Is it possible to have an earlier debate on banking? We are aware discussions took place at Cabinet today on the recapitalisation of the banks. I welcome the fact the Taoiseach will brief and discuss this with Opposition Leaders later. At 4 p.m., the US President, Mr. Obama, will outline his plans for the banking system.

Over the past several weeks I have raised the concept of a bad debt or aggregator bank — I prefer the latter term — in which more difficult debts would be pooled and centrally managed, allowing the other banks to focus on providing credit to small business which will provide employment in these difficult times. It would be useful to have a debate on the banking system as early as possible to allow Members to contribute constructively on this issue. I do not know if the aggregator bank model is the best way forward but it requires a debate to examine its merits.

I also welcome the intention to limit executive pay within the banking sector. Such a limit would be appropriate because we cannot be seen to reward those who engage in the type of risk-taking and recklessness that contributed, in a major way, to creating the problems with which we are now faced.

Will the Leader make inquiries with regard to the degree of ambiguity that exists in respect of local authority funding, particularly that which relates to housing budgets, social housing, rentals etc.? Announcements were made in respect of this matter. However, there is some confusion among local authorities regarding the amount of money that is available to them to spend and a number of projects and developments, which were about to commence or which were in the balance, have been delayed as a result. There are countless numbers of people on housing lists. We need the type of housing to which I refer. In some instances, these projects and developments are quite specialised in nature and may involve the construction of small bungalows to suit the needs of people who are in wheelchairs. It would be of benefit if the Leader could clarify the position in respect of this matter.

Like Senator Doherty, I would welcome a debate on balanced spatial development. As Members are aware, for many years I have been seeking a debate on the national spatial strategy, the lack of progress relating thereto in recent times and how we intend to use this strategy in the future. I agree with Senator Doherty that it has been difficult to secure, from successive Administrations, a consistent supply of adequate resources for our part of the country. It will hardly become easier for us to do so in the future in light of the fact that there are fewer resources available.