Dominic Hannigan (Labour)

I join other Senators in expressing my concern about the continued lack of transparency in Anglo Irish Bank. We heard at the weekend that it offered loans to ten individuals to enable them to buy shares and, in effect, prop up the bank at non-recourse terms. In cyberspace, people are asking whether Members of these Houses have outstanding loans with the bank. The problem is that the revelations are affecting people's belief in the banking system and are clearly having international repercussions. Moody's, the rating agency, has reduced its rating for Ireland as a result of which the cost to the Irish Government of borrowing money is now 2% greater than that for Germany. This is having a real effect and is a clear example, if one were needed, of why we need an investigation into matters at Anglo Irish Bank.

I wish to raise with the Leader the effect of the proposed closure, with the loss of 1,200 jobs, of SR Technics on north County Dublin, Louth and Meath. I accept this is a complex matter and that the Tánaiste will be involved in negotiations with the union concerned. However, perhaps the Leader will pass on the following message, namely, if any jobs at that plant are to be maintained we must first ensure the licence to operate, EASA 145, is retained and second, we must ensure no equipment leaves these shores for other destinations. The test cells must be retained.