Ivana Bacik (Independent)

I was delighted the argument about nationalisation was addressed. It is important we have further debate on that issue. Like Senator Hannigan, I welcome the statement made by the Irish Banking Federation today. However, I would like to raise a concern about banking culture where an issue arising is similar to the issue with regard to Aer Lingus. This concerns Ulster Bank which has been engaged in restructuring. As Senators will know, Ulster Bank is a wholly owned subsidiary of the Royal Bank of Scotland. It has 135 branches in the Republic and employs 6,000 people on this island. The bank is currently trying to get staff to sign new contracts as part of a restructuring process. The IBOA has rightly raised the danger that this restructuring will fashion workplace culture, where low pay and low pension entitlements become the order of the day, thereby forcing employees to engage in aggressive commission hunting. This is exactly the sort of culture that has led us to the situation we are in today. We need a debate on bank structuring and culture where we can address the difficulty that arises when a company like Ulster Bank seeks to perpetuate the unsustainable and discredited banking model that has caused the collapse of the financial sector.