Mary White (Fianna Fail) | Oireachtas source

I commend Senator Barrett on this innovative Bill. This is the kind of proposal we need from Senators on different issues because it is worthwhile having a robust Seanad.

The Minister stated: "I note that the comments of the Secretary General of the Department of Finance, Mr. John Moran, and the Director of Credit Institutions and Insurance Supervision... have generated significant coverage." Those two public servants were doing exactly what public servants do, namely, articulating clearly and implementing the Government's policy on the resolution of the mortgage arrears problem. We have not heard yet from any Minister for Finance, including the Minister present, or any Government spokesperson on how bad the situation is in the Irish banks. Ms Muldoon was extremely critical of the behaviour of the banks in doing the job they are supposed to do. She stated:

Old-fashioned credit collection techniques were largely absent. We found that challenge to SFS was minor and peripheral. There was little understanding or agreement around affordability. We found that systems were clunky and difficult to operate. Management information was not in place - I am a big proponent of what gets measured gets done!

She further stated that she has not found any humility in the banks in contrast to the American way of doing business where if one makes a mistake, one gets on with it and resolves it.

I find a conflict in what the Minister said in his contribution which diminishes what Senator Barrett has proposed. People on the opposite side of the House support and admire what he has done. The Minister stated:

It is important to remember that there is no quick fix solution to the Irish banking and mortgage issues. The Danish model is about a different financial and institutional system of mortgages and lending. [We know that.] Adopting such a system in Ireland would involve many risks and now is not the right time to include further risks in the Irish financial system.

I doubt very much if a professor of economics from Trinity College who has vast experience would propose a Bill in Seanad Éireann that would be risk taking. That is an extraordinary comment from the Minister. I am a long time admirer of the Minister, Deputy Noonan, who has been a good commentator on budgets over the years. He always gave a brilliant response to Fianna Fáil budgets; I loved listening to his comments on the 6.30 p.m. news. Is there a conflict of interest between Mr. John Moran and Ms Fiona Muldoon? Are they working together? He says they are carrying out Government policy.