Brian Ó Domhnaill (Fianna Fail)

While I welcome in general terms the publication yesterday of the heads of a Bill to deal with the personal and mortgage debt crisis that is gripping the country, unfortunately the proposed legislation does not go far enough. This is particularly the case when one considers the point raised by Senator MacSharry concerning individuals who are in difficulty due to mortgages and other forms of debt but do not have an independent means of liaising with a financial creditor. The onus of responsibility for finding a solution ultimately rests with the creditor, in other words, a financial institution or bank, none of which can be trusted to find solutions. An independent agency or authority must be established for this purpose and it is unfortunate the heads of Bill do not make such provision. I hope the House will have an early debate on the Bill.

I also ask for a debate on banking and the absence of a flow of funds to businesses seeking credit. The flow of funds is the lifeblood of the economy but banks are not lending. The House should have a detailed debate on the role banks are playing in the economy. While we can discuss finance and banking generally, we also need a specific debate on the role of banks in stifling the economy. Past and current bankers are a disgrace and senior bankers should hang their heads in shame. While they claim to be making funds available, we all know from what is happening on the ground that this is not the case. The Seanad should hold banks accountable. We should invite the Financial Regulator to the House for a debate. The Minister for Finance should come to the House to be cross-examined on what precisely is happening on the ground. We could all cite examples of what is happening. I hope the Leader will organise such a debate.