Donie Cassidy (Fianna Fail)

Senators Fitzgerald, O'Toole, Alex White, O'Reilly, Mary White, Quinn, Feeney, Hannigan, Callely, Healy Eames, Hanafin, Norris, Walsh, Regan, Donohoe, Bacik, John Paul Phelan and MacSharry called for another debate on the banking dilemma. Since this House came back after Christmas, it has had a debate on the economy every week. I inform Senators that legislation to provide for the levies will be brought before the House next week, possibly late on the evening of Wednesday, 25 February. We expect a very late sitting, perhaps into the early hours of Thursday morning. The Bill will be considered on the Wednesday night as long as it has been passed by the Dáil at that stage. The Minister will be present. All the issues of concern to my colleagues in this House can be discussed on that evening. As I said to the Leaders of the various groups before today's Order of Business, I will have no difficulty with allocating the amount of time that is requested and required to discuss the serious proposal that will be before the House. I understand that the legislation will have to become law by 1 March next.

We all want to see stronger regulation. We have all learned from the experience we have gained from the debacle in our financial institutions. We looked up to the institutions in recent years when they were enormously successful. As I said in the House last week, it may be time to adopt the example of best practice that has been shown by our friends in the United States. The US imposes a much stronger system of regulation in this area. I am sure the Minister will introduce legislation, including corrective measures in both Houses over the next few weeks. I welcome the uplifting news that the two banks which were given €3.5 million each last week are now offering a one-year fixed rate of 2.45% to first-time house buyers. I understand that this measure will give 10,000 couples an opportunity to buy a house at a fixed rate, in the first year, of 2.45%. Those of us who were in business in the 1970s and 1980s will remember a time when one had to pay a bridging rate of 3% in respect of a rate of 19% or 19.5%. It is a wonderful time. House prices are very low. I can tell the House, on the basis of my experience and that of people in my constituency to whom I have spoken, that house prices have decreased by 40% in the midlands. First-time house buyers can now borrow money at a rate of 2.45%.