Senator Paschal Mooney raised an interesting question about the role of State directors on the boards of banks in which the State has a shareholding. I suppose the question really is what are they there for? We like to think they are there to defend the public interest, but is that the reality, or are they there as directors to defend the banks' balance sheets and, ultimately, the bottom line? There is a little bit of schizophrenia going on here. On the one hand, we want the banks to return to profitability in order that they can repay us, the shareholders, the money we have pumped into them. There is a real issue that needs to be discussed. Do we need to change the role of the directors of the banks in question?

This would require a change in the legislation. Interest rates is only one of the issues that needs to be raised with the Minister for Finance and debated. The Taoiseach this morning called on the banks to pass on reductions in interest rates but again, that is a request as opposed to an instruction. There is a real issue there for us as to what is the role of these directors and who are they there to serve. If we want banks to pass on lower interest rates and if this is going to have an impact on the bottom line, are we prepared to say we are willing to accept that when it comes to ultimately what amount of money is to be repaid to us and how quickly it will be repaid? I find it deeply frustrating when I think of the number of times I have stood up here to ask for a debate on banking but we have not as yet had that debate. A number of issues could be debated, not least the issue of the banks, interest rates, mortgage arrears and the whole issue of the Central Bank caps and so forth. This debate needs to happen. I ask the Leader to please pursue that request with the Minister for Finance specifically and no one else.

I welcome the announcement this morning of the €1.5 billion allocated to every local authority in the country, along with targets for the delivery of the social housing programme. I am delighted to see an allocation to Dún Laoghaire-Rathdown, my own local area, to cover nearly 700 housing units. I join calls from all sides of the House for a full and more robust debate on the issue of housing and the construction sector generally.