Dan Boyle (Green Party)

This House should have a debate as soon as possible on the current banking situation, on which we need an update. Some of the statements made on the Order of Business are untrue. We will have a banking inquiry which will have substantial public elements to it. Two reports are being prepared, one of which is being compiled by the governor of the Central Bank who went on the record at the Joint Committee on Finance and the Public Service as saying he favours an inquiry along the lines of that being carried out in the United States. It is largely public and has some private elements which is necessary to get crucial commercial information. That is the type of inquiry we will have and it will have substantial Oireachtas involvement.

On the payments made to people in some financial institutions, there is a universal feeling that such payments are unwarranted and a mechanism should be found to retract some of the money, if possible through the taxation system. The sizes of the pension pots are of such a scale that we can and should tax pension pots of a certain size and apply a punitive rate when they are being unnecessarily and artificially added to. That would get a signal across as quickly as possible.

On universal health insurance, a report is being produced under the chairmanship of Professor Frances Ruane on the future funding of the health service, which I understand will be published in the next few weeks and will form the basis of a very good debate in this House. I agree with Senator Alex White on the necessity for such a debate.

Given the presence of former Senator Dr. John Horgan in the Gallery and the motion before the House on formal recognition of the Press Council, we need a debate soon on media standards in this country, something which I and other Members have raised in the House. We do not have an opportunity for such a debate today but if the Leader of the House accedes to such a request, in particular given some of the media reports today, it would justify further the need for and existence of this House.