The Government reportedly will support the Fianna Fáil Private Members' Bill extending some rights to those who have their loans sold to vulture funds, a testament to the pressure they feel from the public. We support the Bill as well. However, regulation is not enough and must not be used as political cover to allow the sale of these loan books to vultures. Ultimately, a regulated vulture is still a vulture. If these vultures get their claws into people, the same aggressive behaviour that was seen at Tyrrelstown in Dublin and Leeside in Cork will be seen once again, adding to the housing crisis and people's distress.

Will the Government introduce legislation to block the sale of loan books to vulture funds? Will the Taoiseach agree that the process of the privatisation of banks should be reversed and, instead, we should have a public banking system which can be utilised as a public utility with mortgage write-downs, as well as used as a lever to provide funding for public housing?

The Government believes that a banking system, which in the long run is owned by the private sector, is the best way to meet the needs that the Taoiseach described earlier. It will ensure we can provide loans to families and businesses, as well as ensuring deposits can earn a decent rate of interest. Crucially, it will make sure the kind of link which caused such a catastrophe in our country in our recent past is firmly broken, namely, where the link between the taxpayer and our banking system is gradually reduced over time.

As the Deputy knows, I do not have the legal power to intervene in the decisions made by the board of a bank. We went through a period in which our regulators either did not have enough power or the power available to them was not sufficient. All this conspired to create such difficulties for our economy and society. Fundamentally, several of our banks are now being given guidance by an independent regulator to act in a certain way to improve the quality of their balance sheets and reduce their non-performing loans.

The Government must strike the balance between improving the financial affairs of our banks to deal with potential difficulties which we could encounter in the future, while ensuring people are treated fairly and concerns are recognised. We have been successful in doing that to date. We have seen a huge reduction in mortgage arrears and non-performing loans while avoiding-----

I am afraid we cannot go into great detail on this matter, Minister.

I will conclude on this point.

At the same time, we must avoid the greatest fears many have had for a while.

In addition to the measures to which the Government is committed, I have also asked the Central Bank to give me an independent assessment of the code of conduct on mortgage arrears.