Darragh O'Brien (Fianna Fail)

The problem is that this is not the only time this will happen. There are other rate cuts on the way, as flagged by Mr. Draghi. Is it to be the case that every time this happens we will be at the beck and call of the banks, asking whether Ulster Bank is passing it on, whether KBC is passing it on and, in particular, whether AIB and Bank of Ireland are passing it on? We need legislation to empower the Financial Regulator to deal with this. I do not think the Taoiseach should be ringing the regulator and asking him what he thinks and what the Government should do. I know what we need to do, as do all of us. The dogs on the street know what we need to do.

We will produce a Bill next week and I hope the Leader will allow time next week for us to bring the Bill before the House. We will be open to amendments on it and to a full discussion. Let us allow time to discuss the Bill and let the people see that we will act on this. We will not just beat our chests and say we are angry about it.