Michael Noonan (Limerick City, Fine Gael)

The price of it is the interest rate that is charged. That is what the banks do. Some of them have placed some very sophisticated items on their shelves in recent years. They are still shops that buy and sell money. We acknowledge the good work they have done in the past, but they have gone a great deal of harm internationally and domestically in recent times. To a large degree, they have not been straight with people. That has certainly been the case during our banking crisis. Questions continue to be asked.

I have a briefing note on Ulster Bank. It might be of general interest. The technical problems in Ulster Bank are having a very negative impact on banks in general. The bank has advised its customers that it has fixed the initial problem, but it needs to process the backlog of transactions. The bank is not in a position to give a clear indication of when normal services will resume. It is totally unacceptable that it has taken Ulster Bank so long to solve its technical problems and that the bank's customers have not been given a clear indication of when this issue will be resolved. The matter has been ongoing for two weeks, but we have not yet been given a final date for its resolution. Representatives of the Central Bank and Ulster Bank have agreed to appear before the Joint Committee on Finance, Public Expenditure and Reform later this week. The members of that committee will have an opportunity to question representatives of the bank on that occasion.

The Central Bank has been in ongoing contact with Ulster Bank and the Royal Bank of Scotland during the week. When Mr. Matthew Elderfield met the chief executive of the Royal Bank of Scotland, Mr. Stephen Hester, and the chief executive of Ulster Bank, Mr. Jim Brown, yesterday, he emphasised the need for this issue to be resolved speedily. The Minister, Deputy Burton, and senior officials in the Department of Social Protection have remained in ongoing contact with Ulster Bank regarding the payment of social welfare benefits. Some social welfare payments are made through Ulster Bank. It is an ongoing process. The chief executive, Mr. Brown, appeared before the economic management council last week. He gave us a commitment that this would be resolved. It is taking too long. It is not acceptable. I do not yet clearly understand the cause of the problem in the first instance. There seems to be a vagueness about what actually happened. We have heard about this patch, that patch and the other patch. The English language is not that complex. We should simply be told what happened. If it is done in that way, we will all have a reasonable understanding of it.

I have many notes in front of me. I expect that Senators already have much of the information in question. There is no point in going into great detail. Perhaps the time of the House could be better used by allowing Senators to ask individual questions to which I will reply.