Paul Coghlan (Fine Gael)

I share Senator O'Toole's concerns with regard to banking, which has experienced the worst type of nightmare. As Mr. Andrew Healy, president of the Institute of Bankers in Ireland, has stated, the sector is on its knees and has never been weaker. He also stated, "Trust has been broken with customers, shareholders, regulators and with the State". He further stated that without State aid, meltdown would have been inevitable and that rebuilding people's trust will be a slow and painstaking process that will take many years to complete. Everyone accepts that a fundamental change in culture must happen if we are to have any hope of restoring our economy to the position in which we would like it to be. Re-establishing integrity and professionalism is essential in the context of restoring reputation.

How can we restore the banking sector if those who steered the ship on to the rocks are, in a number of instances, still on the bridge? The Government has made some valiant efforts in the context of the State aid it has provided and has appointed several superb public interest directors. Sadly, however, a number of people, at both board and senior management level, remain in place and that is not right.