Paul Coghlan (Fine Gael)

Senator Ross is rightly concerned about this and he may raise the same question. What are the Irish Association of Investment Managers or the Pensions Board doing about that? Both organisations have been strangely silent on this serious matter which is of the utmost concern to all Members and citizens, particularly those worried about their pensions.

The other day I asked if all the cowboys were confined to Anglo Irish Bank. Apparently, it is not the case. Much of this activity has been fraudulent. I do not want to blame all the banks. I hope the recapitalisation of Allied Irish Banks and Bank of Ireland works, but I am concerned at what we have recently seen. I am looking for a debate on the recapitalisation programme today. The other House will debate a motion on it later and we look forward to hearing the Leader's arrangements for such a debate.

As for the members of the golden circles in some of the banks, it was as if the normal rules did not apply to them. There were cosy insider arrangements involved and no one understood the concept of conflict of interest.