Paul Coghlan (Fine Gael)

I am sure the Leader is concerned about the all too frequent overcharging by banks. I am glad the Financial Regulator has said it is urgently reviewing how to strengthen enforcement against the banks. Every few months we learn of incidents of overcharging. This could be combined with a debate requested by Senator Fitzgerald and others regarding NAMA, as we are entitled to hear the differences between NAMA then and now. Senator Regan has often referred to the fact that NAMA is not in its final format as it has yet to be sanctioned by the Commission. We can go nowhere without that sanction. As I understood it, the original purpose of NAMA was to restore proper capital ratios to the banks, which was necessary as a first step in so-called tier 1, as laid down in the Basel requirements. However, we now know a further step is required. We will need further recapitalisation following the injection of €54 billion which will nearly restore equilibrium to the system. We cannot get the economy going or get credit flowing unless the banks are stabilised. We must realise we are not even up to the plate. We have not even taken the first step. A debate such as the one sought is vital. The Government will have to be much more assertive in ensuring the necessary capital flows to businesses throughout the land to regenerate the economy. We are not there yet. Can we please have the Minister in the House to give us that necessary update on where we stand vis-À-vis the Commission and what he sees happening in the future?