John Paul Phelan (Fine Gael)

I will forgive the Cathaoirleach this time. I wish to note my agreement with Senator Fitzgerald and other Members who have called for a debate on banking and on the recent announcements in respect of Greece and the safety net being put in place by the eurozone's members for other future eventualities. I completely and utterly disagree with Senator Dearey as Members should be having this discussion today. While I note the Leader indicated that banking legislation is coming before the House next week, significant developments took place over the weekend and when one considers what is scheduled for the Seanad this week, there is no excuse for not having a discussion on banking and on what has been agreed.

This has been symptomatic of what the Government has done with regard to the banking crisis from the outset. It put forward its proposals without engaging in meaningful discussion on the available alternatives. I happen to agree that Ireland's support for Greece in this particular situation is necessary, as the potential cost to the Irish Exchequer for not supporting Greece and for that country to default would be much higher than what is being put into Greece. However, such a debate certainly should be held in the Seanad.