Paul Coghlan (Fine Gael)

As our banks stumble from one crisis to another the Government has become totally silent on the need for restructuring, which was touched on a year ago when we had a debate following the bank guarantee scheme and the need for recapitalisation. We understand the current position regarding the recapitalisation process. However, at that time the Government discussed restructuring, which it felt was necessary, and most people agreed with that view. What is happening? The Government has failed to engage in this matter. Talk of a third banking force has finished. Does the Government no longer believe in consolidation of building societies such as, for example, Irish Permanent and TSB? In the long-term landscape we will need competition. Or is policy solely about protecting the two main banks at this stage, important though that may be? I accept it as such. We need a debate on this matter to understand or hear the Government's updated thinking on where we are going.

I agree strongly with the comments of Senator Ó Murchú. As he said, it is very important that this matter is dealt with comprehensively and that we do not set out to victimise the Catholic Church which, let us be honest, has been responsible for so much of what is good in Irish society, despite the appalling failures of the few. I agree that we must look after children as a first priority but let us be comprehensive in our comments. Let us not focus narrowly and lash and bash people wrongly.