Dan Boyle (Green Party)

As with other speakers I have concerns about the extent to which our financial institutions, despite the bank guarantee and recapitalisation schemes and the passing of the NAMA legislation after a great deal of detailed debate in this House, still act as though they are the people who write legislation and make the rules in this country. We need to debate this in the House. Clear signals have to go out to our banks and financial institutions that they are the groups being rescued by the Irish taxpayer despite their lack of competence at the very least in bringing about the economic turmoil that has resulted. Who they can hire and at what rate are not decisions that should be solely theirs from here on in. I have been shocked at the degree to which statements are made by financial institutions taking their policy as being writ before reaching any agreement with the Department of Finance or the Minister.

The debate on NAMA is now less about the vehicle for delivering recapitalisation and funds to the institutions to allow lending in the economy and more about the extent to which these banks and financial institutions are prepared to change their culture and behave differently in the new economy that needs to operate. The individuals who head one institution seem to act in a continual state of hubris. This is not in the interests of the country and does not respect the wishes of the Houses of the Oireachtas. We need to send out a clear signal through debate and, if necessary, through directive legislation to see that this type of behaviour does not persist.

I invariably agree with Senator O'Toole but I disagree with his denigrating of the proposal on laptop computers for schools. A debate on education and the protection of its funding, as called for by Senator Alex White would be——