Eugene Regan (Fine Gael)

I read in The Irish Times today that the State has paid well more than €17 million in fees for banking crisis advice. I notice that €3.9 million was paid to Arthur Cox from September 2008 to June 2009 for consultancy work on the State bank guarantee, the nationalisation of Anglo Irish Bank and the recapitalisation of Allied Irish Banks and Bank of Ireland. Arthur Cox advised the National Asset Management Agency, as it has advised some of the banks. Will the Leader ask the Minister for Finance whether Arthur Cox has a monopoly on legal advice to the State and State agencies? If so, it is very unhealthy. There are potential conflicts of interest about which I do not feel comfortable if one firm is advising so many State bodies on the same issues.

We are always saying in this House that the Seanad should have more responsibility and that there are committees that can do valuable work. We have a committee to deal with an issue that is doing extraordinary damage to this House. I refer to the investigation into Senator Callely's expenses claims over the past two years.