In fairness to Senator MacSharry, he has been consistent on the issue of mortgage arrears. However, I strongly urge more caution and less haste.

The Government could not be accused of haste.

We are discussing arrangements between banks and their clients that were entered into voluntarily. We know there are far too many mortgages in difficulty and they are becoming a bit of a problem.

They are a bit of a problem alright.

Please allow Senator Paul Coghlan to proceed without interruption.

Senators should pay heed to the Governor of the Central Bank who has made a strong statement on this matter. As Senator MacSharry is well aware, urgent discussions between the Central Bank and banks are taking place as we speak. The Governor of the Central Bank is upset that, despite everything that has occurred, the banks have not yet produced a policy for dealing with these matters. He expressed annoyance about this last weekend.

It is taking so long, it appears to be an attempt to break a record for the longest negotiations.

It is understandable that Senator MacSharry and his party would try to heighten-----

Does the Senator have a question for the Leader?

Yes, I will ask it in a second. As the Cathaoirleach is aware, brevity is my middle name. I ask him to be patient for a moment. If the banks do not produce a policy, the Central Bank will issue them with a directive. It has been slow to do so for the very reason that the banks would then absolve themselves of all responsibility and implement the directive across the board, perhaps in a heavy-handed manner.

The Senator does not appear to have a question for the Leader.

I ask the Leader not to accept the proposed amendment because this is not a matter for the Minister for Finance and discussions between the Central Bank and banks are ongoing.