Darragh O'Brien (Fianna Fail)

While I was trying to be helpful, yesterday I might have been somewhat overzealous in what I said. I am trying to be constructive regarding passing on the interest rate cut to mortgage holders on variable rates. All Members of this House are concerned that the two State-funded banks, Bank of Ireland, which includes ICS Mortgages, and AIB, have yet to make any statement on the matter and more importantly have not passed on the 0.25 percentage point rate cut. We will see a further rate cut perhaps by the end of the year or in January or February of the new year.

In order to ensure we do not have a Mexican stand-off between Government and banks every time there is an interest rate reduction, yesterday I asked for a special debate here to ascertain what the Government is doing to ensure the two banks that the taxpayer saved from going to the wall will pass on these rate cuts. I propose an amendment to the Order of Business that the Minister for Finance or the Minister of State at the Department of Finance come to the House to explain what the Government is doing to ensure that the banks and the lending institutions that hold banking licences - not just the two that are propped up by taxpayers' funds - pass on the interest rate reduction. The Minister should outline what will happen in the future when we see further interest rate reductions. The Taoiseach said last week that should the Financial Regulator not have the powers to insist upon the banks passing on the interest rate cuts, which he does not, he would seriously consider introducing legislation. I wish to notify the House today that Fianna Fáil is preparing a Bill to provide those powers to the Financial Regulator, which legislation will be brought before the Oireachtas next week. We are trying to assist Government on this issue.

The amendment to the Order of Business asks that the Minister or Minister of State come into the House to discuss this issue and let us know what legislation the Government proposes to put in place. I will withdraw that amendment to the Order of Business if the Leader gives a commitment this morning that sufficient time will be set aside next week to allow Members of the Seanad to discuss this serious issue which is affecting hundreds of thousands of people in this country.

I welcome the response yesterday from the Leader, Deputy Leader and other Members of the Government side of the House that they would welcome a debate on the appointment to the European Court of Auditors. Is that offer still on the table? When will that debate take place? I heard in the Dáil yesterday and again this morning Ministers of the Government say they stand over the nomination of Mr. Cardiff. I do not wish to personalise matters but Mr. Cardiff will have to be interviewed by a panel of our European peers and it is, in my view, unlikely he will be sanctioned and given the post at the European Court of Auditors. The Government has made big play of the fact that it is working hard to improve our reputation in Europe, if that requires to be done. I accept that. Let us take it that needed to be done. What reputational damage will this do?

The Leader and Deputy Leader stated yesterday in the House that they would welcome a debate on this issue. Will such debate take place tomorrow, when there is ample time available for it or will it take place today? The Government will tomorrow publish the review of the capital programme, which will introduce €750 million worth of cuts. Will the Leader provide time for a debate on that issue either tomorrow or early next week?