Michael D'Arcy (Fine Gael)

The Order of Business is a shambles and a joke, and it is getting worse. I have been a Member only a few weeks but if this continues there will be no need to worry about retaining the Seanad. It will be gone. Unless it improves it will be a good riddance, as far as I am concerned. I take no pleasure in saying this.

It looks as though the ECB will raise interest rates by 0.25% and that the Bank of England will not raise its rates. The ECB rate is 1.25% while the British rate is 0.5%. Such an increase would cost approximately €250 million to the people who have loans from Irish banks. If interest rates increase by 1% the added cost would be €1 billion. We can have a positive input in regard to Irish financial institutions. I am referring to all financial institutions and not just those guaranteed by the State. On too many occasions when there have been ECB interest rate rises banks have tagged on an extra 0.5% or 1%. We have control over the institutions within the State.