Billy Kelleher (Cork North Central, Fianna Fail)

There is a new and detailed relationship between the State, the people and the Irish banking system. I urge banks to reflect on that. We all know that banks are challenged because of the internal and international difficulties but they have a fundamental role and we are supporting them so they can provide credit. We must have a mature debate on why we are dealing with the banks. We must have that functioning system in place and there must be credibility. That is why it is important that, in the context of the broader issues as discussed by the Minister for Finance in his review of the regulation of the financial services sector, we have regulation that is appropriate and acceptable and that stands up to international scrutiny. It is critical to the financial services sector and the economy that we do not move these services offshore. They are mobile and can move quite quickly if they are overburdened so appropriate regulation is required.

I thank the Senators and look forward to the discussions on Committee Stage. While we all spoke about the broader issues, this legislation is specific. It was brought forward to address some of the issues raised by Senators. I am confident that when it comes out the other side it will allow for more scrutiny and enforcement to ensure there is integrity in the areas to which the Bill refers.