Dominic Hannigan (Labour)

The details announced last night about the recapitalisation of the banks go some way to resolving the issue, especially with regard to first-time buyers and small business. However, it is not just enough to ensure banks have capital available to help small business. We need to ensure people have confidence to take out loans and I do not think the measures go far enough in this regard.

I suggest three measures which would help restore confidence in the economy. We need a fresh start in the management of the banks. To restore confidence, the old guard needs to be cleared out and we should start with a year zero. We need to assure people that they will not lose their homes while this recession continues and the conditional moratorium of 12 months does not go far enough. Yesterday, the Master of the High Court warned of an avalanche of repossession cases because of the economic downturn and many people are worried about losing their jobs. This morning we heard the news about the situation in SR Technics. These workers have paid taxes which have gone towards saving the banks. We need to ensure that while they are suffering, they will not lose their homes for as long as this storm rages. I do not think a year is long enough and I wish the Minister would listen to what the Society of St. Vincent de Paul and others are saying and put in a two-year moratorium instead.

I received texts and phone calls up to midnight last night from people questioning what was going on in the Department of Finance. People are completely at a loss to know what the Department is doing. The Department failed to tell its Minister about the loan to Mr. FitzPatrick and now it has failed to alert him to the fact that a loan of €7 billion was transferred from one bank to another. We need to know what is going on because it is not a case that the Department is short-staffed. Every time the Minister comes to this House he is accompanied by a plethora of people and one has to fight to get in as they stretch down to St. Stephen's Green. I do not agree with Senator Mullen because the Minister is responsible with regard to this issue. He was on the radio this morning saying in effect, "Je ne regrette rien", that he has worked hard, done his best and it is not his fault. This cuts no mustard with the public. A key way of restoring confidence at this stage has to be the removal of the Minister from his position and his replacement with someone competent enough to do the job.