Caít Keane (Fine Gael) | Oireachtas source

I heard a story that involved Ulster Bank on another day regarding the fact that it did not pass on mortgage interest relief, which was granted by the Government, to first-time buyers between 2004 and 2008. All the banks have passed it on but Ulster Bank has failed to do so. People who should have received it have brought the matter to my attention. What is the regulator doing about it? The question was asked of past regulators about whether they were asleep at the wheel. I ask the banking regulator to go into the banks and find out what is going on. Every Senator has come in here with varying stories about the behaviour of banks. We must have regulations. Ulster Bank has not passed on that relief to its customers. Other banks, such as AIB, the EBS, the National Irish Bank, Halifax and the Bank of Scotland, have done so and I give them credit where credit is due.
I wish to raise another issue. Many banks have set up businesses, particularly small businesses, to fail because they hold on to cash for three to four days. When a client pays a business money owed to it, the bank holds onto the cash in its funds for three or four before passing it on to the small business. Cashflow is of major importance to small businesses. Many of them are living from one week to the next but the banks are not facilitating them. In fact, they are causing a lot of damage to them. I have heard numerous complaints about banks. Is there a timespan for such money transactions? We live in an electronic age where one can transfer money with the click of a button. What is the reason for such a delay? Is there legislation that states that a bank can hold on to a person's money for two or three days? What are the rules? There is no point having rules if they are not implemented. There should be a root and branch analysis of what is happening in the banks. All the issues should be tabulated and brought to the fore here. I ask the acting Leader to ask the relevant Minister to do so. Ulster Bank should be brought to heel for the way it has withheld mortgage interest relief. Can we get a statement from all of the banks on how long they hold on to people's money, particularly money for small businesses?
I agree with Senator Walsh about the issue of public service pay and how it varies between European countries. He had the good grace to acknowledge that his party, when in government, did not address it either. That is not a good reason not to consider the matter. I suggest all Senators interested in this matter, irrespective of party, come together and make a proposal on how to deal with it. We should do so as a collective group in the Seanad rather than fire missiles back and forth. Let us be constructive and get one or two Senators from each party to formulate a proposal together for the Government. I also wish the Taoiseach the best of luck at the meeting on the Croke Park agreement.