Paul Coghlan (Fine Gael)

I share Senator Ó Brolcháin's appreciation for the debates in the House on banking. Perhaps we are fortunate that the Government's plans for Anglo Irish Bank are with the European Commission. As Senator Alex White noted, Anglo Irish Bank poisoned the well a long time ago. The action being taken now is an example of closing the stable door long after the horse has bolted. This is the most serious matter the country has ever faced. No one in this or the Other House wants in any way to land the taxpayer with any future liability, notwithstanding promissory notes, measures to spread investment in the banks and so forth.

I have repeatedly spoken of the great credibility enjoyed by Deputy Richard Bruton. He is taken seriously by everybody, even those who hold differing views from him. We can argue about good and bad banks. The Government established the National Asset Management Agency and clearly believes in the good bank, bad bank model as it is being adopted for Anglo Irish Bank.

Perhaps the nation will be saved because the matter is before the Commission and we must await its ruling. I agree in large part with Senators' comments on Anglo Irish Bank. We must wait but we do not want to be patient because this is a very serious matter. I hope, therefore, that the Commission will quickly issue its ruling.

Senator O'Toole spoke wisely about the agreement reached between the Government and public service trade unions. We must be realistic as certainty is needed for the future of the economy. I hope people will proceed in a level-headed manner as there is no good in anyone getting carried away. I ask the Leader to comment.