Larry Butler (Fianna Fail)

We must ensure that there are proper monitoring procedures in place. The Government-appointed directors have a job to do in that regard. It cannot be the case that directors merely sit and listen at board meetings; they must query what is happening. Senator Leyden suggested that a number of Members of this House should serve, pro bono, on the boards of the banks. There are a number of able Members, such as Senators Ross and Quinn, who would ensure that the types of proposals I am putting forward would be adopted. We must appoint people to the boards of the banks who are experienced with regard to business and the importance of credit thereto, and who are aware of the importance of obtaining a good return.

If a person submits a quotation in respect of, for example, a construction job, he is aware that his bank interest must be included in the equation. If he does not do so, he and his bank manager will be in trouble. There must be accountability in respect of the taxpayers' money that is to be invested in the two main banks.

It was vital that agreement was reached with the two main banks in respect of a number of extremely important issues. People must realise that this may not be the last occasion on which we will be obliged to provide support for the banks.