John Gerard Hanafin (Fianna Fail)

Changes are taking place internationally. The Basel requirement makes it more difficult and leads to a higher reserve ratio but that does not mean there will be no lending. I was fortunate enough to undertake a rapporteur report for the Joint Committee on Finance and the Public Service. The report made it clear that in Japan the failure to take action had led to the development of zombie banks which were unable to lend for 15 years. The action we took was right and appropriate at the time.

I also ask the Leader to arrange a debate on jobs.