John Kelly (Labour) | Oireachtas source

I compliment Senator Barrett on the Bill he introduced yesterday and on the literature relating to it which he circulated to all Members and which explained its contents in very simple terms. I was on the point of standing up and apologising to the Senator for the fact that the Government was most likely not going to accept the Bill and for the nonsense whereby while I agreed with the legislation, I was going to be forced to vote against it. Before I could do so, however, I noticed further nonsense whereby a Minister of State who appeared to be very interested in the Bill and who engaged with those on all sides was obliged to leave and was replaced by another Minister of State who knew nothing about the debate which had taken place during the previous 90 minutes. If the Seanad is to have a future, then the Whip system must be sorted out. In addition, the type of thing to which I refer in respect of last night's debate should not be allowed to happen.

There was a ferocious culture of lending during the period leading up to the banking crisis. I cannot remember a day during that time when I did not return home from work to find a letter addressed to my wife in which she was being offered loans of €30,000 or €40,000 to replace our car, remodel our kitchen or whatever. All she would have been obliged to do to obtain one of those loans was sign her name beside the big red X. It is no wonder that the culture to which I refer gave rise to the crisis with which we are now dealing. I agree with Senator Darragh O'Brien that when bankers are paid €800,000 per year, it is difficult to see that culture changing. I am of the view that the culture in question is going to be with use for a long time.

Before the Cathaoirleach asks, there are two questions I wish to pose.