David Norris (Independent)

I join in the welcome to Senator Dearey. I also express my sorrow at what I understand is the imminent resignation of Deputy Trevor Sargent as Minister of State. I have known him for many years. I know him to be an honourable, decent, hard-working man. I am not sure of the circumstances but I expect there is some element of mistake as well as perhaps some error of judgment. I do not know, but I regret his leaving Government, which will be weakened.

I join the calls for a debate on the economy and banking. I do not agree with my friend, Senator O'Toole, that the issue of shares by Bank of Ireland rather than paying the debt is no big deal. It is certainly a big deal for the shareholders whose holdings will be further diluted. I agree with Senator Quinn who seemed to indicate that it would be a disastrous mistake to allow a Government to direct the exchange of credit to specific companies. There is no surer guarantee of corruption and the accusation of corruption. We should include in this debate a general debate on the economy.

Over a number of years I have raised the dangerous business of allowing upward-only rent reviews. We had it in Grafton Street and we have just had an astonishing case in Cork where a successful business, The Carphone Warehouse, was subjected to an increase from €39,000 to €205,000. Talk about garrotting the goose that lays the golden egg. That is absolute insanity in the middle of a financial difficulty. We need to expose this kind of idiotic attempt at profiteering by certain institutions in the State.