Bank of Ireland bond funding
Senators debate Bank of Ireland’s €1 billion bond-market fundraising, welcoming it as evidence of banking normalisation while criticising the bank’s treatment of customers. Senator Gilroy renews his call for a broad debate on banking strategy before the budget.
I am flattered and a little humbled by Senator Darragh O'Brien's kind words about me.
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It causes me some distress to have to be critical of him, which is uncharacteristic of me. This is the first time since the Senator's Government destroyed the economy that an Irish bank has made a successful return to the money markets outside the guarantee, yet he can find something negative to say about this.
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That is not true. They secured private investment last year and the year before.
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While it is a minor move, it is encouraging. I agree with him that it is unacceptable that Bank of Ireland continues to treat its customers in the manner it does, but it is probably best that politicians do not take an active part in the day-to-day running of a bank, as Senator O'Brien seemed to suggest.
Yesterday, on the Order of Business and during statements on the economy, I called for a debate on the banking strategy we are pursuing. I reiterate my call for such a debate before the budget. The debate should be wide-ranging and should include issues relating to the Anglo Irish Bank promissory notes, which are causing a great deal of comment in the country. We could improve, as a Government, our communication around this issue. There seems to be an information vacuum regarding the promissory notes, which offer the most encouraging possibility of an early deal on bank debt. Will the Leader facilitate an early debate with the Minister for Finance to discuss the banking strategy, including legacy debt and the Anglo Irish Bank promissory notes?