Brian Hayes (Dublin South West, Fine Gael)

The task is that they will become that independent voice. Ultimately, this is a scheme that would have to be set out. I ask Senators to be patient. I said that the Minister for Social Protection will be making an announcement about this imminently. I presume when she makes that statement she will come into the House and answer the Senator's questions on that.

Senator Healy-Eames asked how banks will be reined in to ensure financial and banking problems do not arise again in the future. I suppose stronger regulation is the key as is the control of the banks arising from the provision of the bank guarantee scheme. The Credit Institutions (Stabilisation) Act places a requirement on boards of directors to act and have regard to public interest. The Central Bank has greater staffing and other resources.

On coming into office we established a very strong stand-alone banking unit in the Department of Finance. Behind this banking unit and the reconfigured Department of Finance are very strong bilateral discussions between the Department and the banks on a daily basis. I ask people to be aware of this. We need to see significantly more progress and I am the first to admit it, but the suggestion discussions are not taking place between the Department and the banks on a daily basis is not true.

I must tell Senator Hayden I did not refer to mortgage delinquencies and I do not accept the premise.