Gerard Craughwell (Independent) | Oireachtas source

It pains me to raise the issue to which I propose to refer given the excellent news adverted to by Senator Colm Burke in the context of the up to 1,000 new jobs to be created in Cork, which heralds a great success for the Government. However, I rise to speak about the practice that led to the closure of Clerys department store in O'Connell Street. My colleague, Senator Norris, addressed this issue yesterday. The Irish Congress of Trade Unions, ICTU, is extremely disturbed by the fact that anybody can walk into an organisation as large as Clerys and close it in 30 minutes. That is outrageous. I ask the Leader to organise a debate on the merits of the ICTU proposal that a minimum of 30 days notice be issued before redundancy can be imposed on workers. The latter is not an unreasonable request. We cannot allow major vulture organisations to close down businesses overnight.

On the banks, I have a mortgage with Permanent TSB. The other day I received a letter from the bank offering me a reduction of 0.75% on my mortgage interest rate. However, in order to avail of this reduction I would first have to get my house valued, which will be paid for by the bank. I cannot understand why it cannot just apply the lower rate to the loan. What is this all about? What are the banks doing? I agree with what has been said with regard to the banks' attempts to automate banking services while the charges they levy remain in place. The installation of a computerised services does not cost a fortune. The main cost in that regard is around the development of software and the price of electricity. The banks are taking us to the cleaners. We bailed them out and they are still taking us to the cleaners. They will continue to do so. It is the old and the vulnerable that will suffer most at the hands of these capitalists.