Martin Conway (Fine Gael) | Oireachtas source

I intend to be brief as the Minister is a busy man. I have much sympathy with the proposed amendment but I appeal to people to work with the Minister in this regard. He would not be bringing in this legislation at this time unless he felt it necessary. There is a massive legislative programme but this legislation is a priority. The Government is effectively trying to micro-manage banks as much as possible, and although I am not saying it is a carrot and stick approach, in order for the economy to work we must have a working banking system. Nevertheless, we cannot let banks get away with doing whatever they wish. Unfortunately, we find ourselves in this position because of the recklessness of banks over the years, and although it is regrettable, we are not unique in that sense, and the issue has manifested in other parts of the world as well.

The Minister has made it clear that if this piece of legislation does not work he will return to replace or amend it. The best counsel at this stage is to go with the Minister's legislation and enact it, thereby enabling us to at least take another baby step in the reconstruction of banking and our economy.