Sean Barrett (Independent) | Oireachtas source

The section does not, however, make any provision for reporting on the actions taken by banks in response to complaints. That is the problem. As well as the categorisation of complaints, we must have categorisation of responses. To say the sector would find anything this Parliament does "unduly burdensome" suggests the people who are supposed to be regulating the banks have some neck. The sector has cost this country something short of €64 billion and may end up costing us €90 billion, yet a small amendment from the Seanad is deemed unduly burdensome. Is the Minister of State trying to win a prize for irony? It is an amazing statement which I find unduly burdensome to entertain.

We must consider the realities of the situation. People are protesting at the gates of Leinster House, yet the banks consider it unduly burdensome to set out their responses to complaints made against them. Is the Central Bank still captured by the commercial banks? Is there any hope at all that we can ever put manners on the sector? One can only wonder at the notion that a small request from Parliament is considered unduly burdensome.

I am saddened by this, because I came here to help the Government to make reforms. This sector needs reform, but I am told that a reform as minuscule as this is unduly burdensome. It is about time some of these people did an honest day's work. They do not see it as unduly burdensome to us when they walk out with €64 billion, heading for €90 billion, nor do they see as unduly burdensome the manner in which they treat their customers. Yet they are able to persuade the Government that to implement this section would be unduly burdensome. The spirit of what we tried to achieve last Thursday, in co-operation with the Minister for Finance, Deputy Noonan, is eroded by a response such as this. No sector has been more burdensome on this economy than the sector we are trying to regulate here.

Rather than express the anger I feel, I will sit down. However, I find it amazing that the briefing note suggests this proposal is unduly burdensome for a sector which has done so much damage to every person in the country, from the youngest to the oldest. Some 300,000 people have left this country. Unemployment has risen from 4% to 14% and there is massive youth unemployment, but the banks which caused this find this proposal unduly burdensome. I am saddened by that, but I will not push the amendment. The failure to accept the amendment indicates to me that the balance of power between the banks, the Central Bank and the Department of Finance is still overwhelmingly weighted in favour of the banks. I do not believe they deserve that kindness. The rest of us deserve to be considered instead.