Michael Mullins (Fine Gael)

We had many calls this morning for a debate on ethical journalism but we need a debate on ethical banking. A situation was highlighted by my colleague, Senator Fidelma Healy Eames, last week in which Bank of Ireland lifted €1.1 million from Galway Airport's bank account to off-set against loans. I wish to make it clear that Bank of Ireland did nothing illegal, but morally it was outrageous. This has been done at a time when the airport is trying to attract investment and it has devalued the asset that is Galway Airport. The money must be restored to its bank account.

My colleague highlighted the experiences of business customers with the banks. What Bank of Ireland has done to Galway Airport other banks are doing to small businesses. The matter must be thoroughly investigated. Treating business customers in this way damages job retention and prevents job creation. Given the fact that the State has invested so much money in bailing out the banks, they have a responsibility to aid in the recovery of the economy. There are grounds for a major Seanad debate on the ethics of banking.