David Norris (Independent)

I propose to raise a matter for discussion in the House. It is one of particular interest to me as a former university person and I am proud of the role Ireland is playing in this regard. In August 1992, the National and University Library of Bosnia in Sarajevo was completely destroyed with the loss of more than 2 million volumes and priceless manuscripts. The European Union is facilitating the rebuilding of the library structure and three students in Sarajevo have taken a wonderful initiative to start the restocking of the library, particularly with contemporary works. I am pleased this country is playing a role in the initiative through the Genealogical Society of Ireland. I wonder if, through a debate in the House, our authorities, third level institutions, universities and private citizens could be encouraged to contribute to this positive measure. After the disastrous civil war in Bosnia, which lost a large part of its cultural heritage, it is important that Ireland supports and assists in this project.

While I am on the subject of universities, I express my regret that the top 100 listing of universities in the world no longer features an Irish university. My colleague, Senator Barrett, organised a meeting with the Higher Education Authority, which discussed this issue, among other topics. I am concerned about the criteria used for compiling the list, which I do not believe for one second to be accurate. One of the things I was told was that the reputational damage done to Ireland by the economic crisis was having a spin-off effect and what is being measured is perception rather than reality. As Senator Barrett will, I am sure, confirm, at least two or three of our universities deserve to be in the top 100 universities in the world.

I ask for a debate on an issue that must be close to the Deputy Leader's heart, namely, the way in which the global financial system operates. For the 100th time, I refer to the malign impact of the ratings agencies. They were at it again yesterday when they began nibbling away at the United Kingdom. I am highly concerned about practices within this discredited group and the disproportionate power it has been permitted to have. I am also concerned by an article on the front page of The Irish Times today which features a statement by a senior executive of Goldman Sachs, Greg Smith, in which he is critical and condemnatory of the company. He states employees were told to "hunt elephants" which was "Goldman-speak" for getting clients "to invest in products that would generate most profit for the bank, regardless of whether they suited the investor." Where is morality in the international financial system? Why are Goldman Sachs and the ratings agencies not held up to scrutiny and held to account? These institutions are the very source of the global financial disaster, yet they are getting away with it and continue to milk money from clients whose interests they are not serving.

I note once more a wonderful phrase used by Rolling Stone magazine about a decade ago when it described Goldman Sachs as "a great vampire squid wrapped around the face of humanity, relentlessly jamming its blood funnel into anything that smells like money." I am not on the side of a vampire squid but I am on the side of humanity, as I believe is every Member of the House. We may be a small Parliament in a small country but a David can sometimes take on a Goliath.