Nicky McFadden (Fine Gael)

I am sorry Senator Boyle is leaving the Chamber because I tuned into what he said about correcting mistakes. That was the only conciliatory remark he made before speaking about the Opposition and pantomime politics. Then he started into a big rant and I am disappointed in him. The Cathaoirleach does not like us referring to the Dáil but the Minister for Finance stated he would reject the Fine Gael motion. This motion includes the point that all members of the board of the Irish Financial Services Regulatory Authority be removed, that a cap of €250,000 be imposed on banking executives and that the ten members of the so-called golden circle be named. Senators Boyle and Hanafin were asking us to wear the green jersey. This is a fair motion yet the Government parties are playing party politics, over and back, tit-for-tat, pantomime politics.

President Obama delivered his state of the nation speech yesterday and spoke about the day of reckoning. Members on this side agreed that our country is in a serious state and we do not need to be lectured by the Government telling us we need to wake up and that it is not about scoring points. I ask Fianna Fáil to give the leadership this country deserves. While there is a serious global situation it is not all about the global situation. It is about the irresponsible, bad banking that has gone on in this country.

We would like decisive, prudent and responsible management of our capital investment and deposits and a reliable source of credit for Irish businesses. Last week a survey of small and medium enterprises found that 48% of such firms were refused credit by the banking institutions. It is almost impossible to get money to buy a car. These are the banks we have guaranteed and this is not good enough. The motion refers to the need for the regulatory authority to be replaced with a new, honest, vibrant group of people. The cronyism that existed between the Irish banking fraternity must stop. Some members of these institutions were also members of other banks' boards. There must have been much backslapping and this does not really represent reassurance or confidence. I ask the Minister of State to comment on this. The Minister rejected this, saying he would not do it.

A regulator must be able to investigate transparently transactions by banks, their investors and directors. The regulators should be independent. The Government knew about the transactions of the so-called golden circle for over a year and it was only yesterday the Garda Síochána went into the offices of Anglo Irish Bank. I find that extraordinary. If the names are known, the beans should be spilt. I do not accept the excuse of banker confidentiality. This golden circle must be named. The drip feeding of information must stop because every day there is a new revelation which further damages our reputation. Most importantly, we must recover the associated €300 million in debts taken by this so-called golden circle from the Irish taxpayer. The assets of these people should be confiscated.

I fully support my party's call in this motion for open advertisement for the appointment of the next Governor of the Central Bank, and that the position should be open to international competition and scrutiny by this Oireachtas. It is an outrage that the Government has now guaranteed and recapitalised three of our banks and that some of the chief executives of these banks are still earning in excess of €250,000, which includes bonuses and share options.

A person must earn a bonus. Investors and poor people have lost money because of these corrupt transactions. A bonus should be earned if people are helped to invest their money wisely rather than when all that money is lost. Why are these people still allowed to live freely as if nothing has happened? The Minister of State will argue this is due process but how long will due process continue? Our banking reputation has been destroyed and ordinary hard-working and honest people have lost thousands.

I thank the Minister of State for coming to the Seanad, as he does regularly, but on this side we are acutely aware of the need to get together and sort out this matter. I will do anything I can to support sound and wise suggestions from this Government.