Paddy Burke (Fine Gael)

I welcome the opportunity to say a few words on the motion. Like other Senators, I cannot believe the Government Members will not accept it, as it is a good motion and I do not think they can disagree with any aspect of it. We call on the Government to replace the current board and senior management of the Financial Regulator, to give the Office of the Director of Corporate Enforcement the lead role, to reveal the names of the golden circle, to set a cap of €250,000 on bank salaries, and to open up the appointment of the next Governor of the Central Bank to international competition.

The motion is simple and if accepted by the Government it would give confidence to the markets and the country. The Government amendment will give no confidence to the markets. When he was proposing the recapitalisation of the banks the Minister for Finance said it was all about confidence in the markets. He said that again when he was nationalising Anglo Irish Bank and he repeated the mantra recently. Every time the Minister said it, the markets went in the exact opposite direction.

The Government amendment would certainly not give any confidence to the markets. The Minister, Deputy Mansergh, stated the ongoing investigation has a criminal dimension to it. Who decided the matter had a criminal dimension? At what stage was the Garda called in and why? Most of the information was available since last September or October and I do not understand why it took so long for action to be taken.

The Minister, Deputy Mansergh, paid tribute to the taxpayer who is ensuring stability and referred to the need to secure the position of account holders, mortgage holders, businesses and entrepreneurs. He did not mention shareholders at any point nor investment in the banks. That is what gives confidence. There is no confidence in the banking system at present. Why would anyone invest in one of the Irish banks? Why would anyone invest money in banks that are going down the tubes? The Minister is at variance with the Government amendment. He is saying he wants to instil confidence in the markets but no reference was made to the shareholders. We can rightly see why the share price of all the Irish banks has gone to the floor. I urge Government Members not to press the amendment and to accept and take on board the motion tabled by Senator Twomey. We could see confidence restored to the markets.