Paul Coghlan (Fine Gael)

What does the Leader now understand to be Government policy on appointments to boards and the senior management of the banks? Apart from the legal position, the Minister for Finance has enormous moral authority since both Houses of the Oireachtas approved the bank guarantee scheme, not to mention the partial recapitalisation of the major banks.

Reference was made by Senator Ross yesterday to something that is allegedly being mooted as regards a dual role appointment in one of the major banks. Directors share equal culpability regarding decisions, as we know in company law, to say nothing about the practice of good corporate governance. In light of that I am interested to hear what the Leader has to say on this issue.

The Minister has referred to rationalisation in respect of some of the relatively minor financial institutions, and we have not heard anything about that for quite some time. The Leader might say that we shall be discussing Committee Stage of the NAMA Bill, but that is about the National Asset Management Agency, and I am not sure whether some of these questions could be accommodated within that forum. In any event, we shall know how it goes if that is to the Leader's response. Of course I should not be anticipating what the Leader might say in response.

Like others I very much support what Senators O'Reilly and Harris said. It would be very useful for this House and I urge the Leader to take up their suggestions. Finally, there have been many references to the Irish Banking Federation, IBF, and its announcement as regards a certain relaxation of the rules affecting mortgages and so on for people in default. For the benefit of the House, the chief executive, Mr. Pat Farrell, is appearing this afternoon before the Joint Committee on Economic and Regulatory Affairs at 4 p.m., where we shall have the opportunity to put some questions to him.