John Gerard Hanafin (Fianna Fail)

I welcome back our colleague, Senator Paschal Mooney. He was and is a very conscientious and diligent parliamentarian. In this instance it is gratifying that the person who was most deserving of the position got it.

Will the Leader arrange for a debate on the Government's proposal to investigate the banks, which I fully support? The question at issue is not very difficult. It is about lending, the amount of lending and the purpose of the lending. To suggest there is something untoward to be found other than the answer to that question is not realistic. The majority of the people who work in the banks have done their job correctly and well. However, there were a few who did not, and there was a rule from the top which dictated the policy on lending. The biggest difficulty was the type of lending. It appears to have been off balance sheet or off the public accounts. People were getting massive bonuses, in line with those in New York, not on the quality of the lending but on its volume. The upshot has been that the banks and the people who owned the banks have had their share values virtually wiped out. The practices of the bank officials who were responsible for that must be checked in the future. Given that the new Basel requirements will mean less bank lending because the reserve ratios will be higher, we must ensure that whatever lending takes place in the economy is well and properly directed.

Third, I wish to raise the proposed debate on Haiti and the necessary work taking place there. I praise the Americans in particular in that regard. They receive terrible criticism at times, yet we see them doing wonderful work in ensuring their neighbourhood is well looked after by getting in there quickly with as much aid as possible. That should be commented on and commended. If they are looking for expertise for rebuilding Haiti, the Israelis could give them good advice on how to rebuild a nation.