Brian Hayes (Dublin South West, Fine Gael) | Oireachtas source

That is why I am conscious of positive initiatives taken by colleagues on all sides of the House. We must learn from the Bill. We need contrary people with contrary views to challenge what the Government is doing. We even need them in government. I am not putting Senator Barrett in that category - on the contrary. We must change the culture given the scale of the crisis and the culture that existed where people did not question, decisions went through on the hoof and Parliament’s role was abdicated in many respects. We must do so in a parliamentary sense and within the regulatory system that underpins the financial system.

We very much hope that Senators will work with us to develop and bring forward our proposals, ensuring these do what they are supposed to do and that the confidence the people will glean therefrom will help ultimately to underpin confidence within the financial system.

That is what I wish to say on the matter. I am not sure it is of any great assistance. We can work together on a piece of legislation which the Government can bring before this and the other House, one that will set the standard for the new banking environment we all need to see, one that will be the engine of growth within our economy.