John Gerard Hanafin (Fianna Fail)

The House is in consensus in its disbelief that the banking sector has not understood the fundamental changes that have taken place not only in this country but across the world. Goldman Sachs is now experiencing strong regulation in the United States. I welcome strong regulation of the Irish banking sector which we have seen recently.

Electricity prices are a fundamental cost in the economy. It is time the gloves were off between the main electricity supply players, for the ESB to reduce its costs and let a price war develop which will be to the consumers' benefit. In the retail sector, especially with the supermarkets, prices have become very competitive as a result of strong competition in the marketplace. I would welcome the energy regulator allowing the ESB to engage in the market and reduce its electricity prices for the benefit of the economy.