I welcome the indication given yesterday by the CEO of AIB that the bank was likely to take some action on variable interest rates. I do not think any newspaper should claim credit for the movement we saw yesterday. Every public representative and every politician in this and the other House, of all parties and none, had raised this issue over a long period. I hope we will soon see some developments. I support the idea put forward by Senator Paul Coghlan of an independent objective assessment of the rates being charged and likely to be charged. There is a lot of merit in his idea. I repeat my call for a debate on banking, banking charges and the banking system. There is another element to this, namely, the hardship being endured by small businesses, particularly cash businesses, about which I spoke earlier in the week. I ask the Leader to arrange that debate in order that we can flesh out the issue and give it the prominence that the variable interest rate issue has received.

I join Senator Ivana Bacik in welcoming the appointment today of the Minister of State at the Department of Justice and Equality, Deputy Ó Ríordáin, to head up the national drugs strategy. We have a drugs abuse crisis which is of major proportions. Young lives and families in every town and village are being destroyed. Major costs are being inflicted on the health service as a result of drug abuse and drug problems. The cause of much criminality in communities is linked with the drug trade. There is evidence that many suicides are the result of drug abuse or pressure inflicted on young people by those involved in the drug trade. I welcome the appointment of the Minister of State and would very much welcome an early debate in this House on all aspects of the drugs problem and how we can devise a major campaign and strategy to address this crisis for once and for all.

My apologies. I did not see the Leas-Chathaoirleach indicating towards me.

Were it not for the Senator's arrival, I would have called the Leader to respond.

I had a guest in the Visitors Gallery and beg the Leas-Chathaorleach's pardon.

I wish to make a contribution on the engagement with AIB yesterday. A number of speakers have mentioned it and the positive outcome that it is willing to look at variable interest rates in the near future, which is to be welcomed. Despite the nation's shares in AIB, the fact remains that even though the shareholding is 99.9%, it still has a commercial mandate. I personally favour taking AIB into 100% State ownership and changing its mandate, but that is a debate for another day.

There were a number of other aspects of the engagement yesterday which I would like the Leader to take on board in seeking a debate in this House, for which many of us have called, on the wider issue of the mortgage crisis. One of these aspects is that AIB, in determining whether a mortgage is sustainable, not only accepts the recommendations of the Insolvency Service of Ireland but then adds 25%. That is part of the reason a number of AIB mortgages are more sustainable in the longer run than those in other lending institutions. AIB has also stated it is willing to look at having an independent body decide on what is a sustainable mortgage. This has been one of the big issues in terms of the number of reconstructions of mortgages going back into arrears, feeding into the courts system and repossessions. It is something the other banks should consider very carefully and they should also move in that direction.

AIB has also indicated that the engagement of an independent body, the Irish Mortgage Holders Association, which is independent of the bank, does facilitate the engagement of borrowers with the bank and that it has been very satisfactory in bringing a number of cases to conclusion. This is something that is very important and should be fed back to the Minister.

There are a number of issues. To be fair to the finance committee, AIB was the first bank to be called before it. To a number of the questions raised, it gave progressive and positive responses. I suspect we will not get such positive responses from some of the other institutions which will come before the committee.

I have said this so many times that I am becoming like a broken record, but I reiterate that, like other Members, I want an engagement with the Minister for Finance in this House on the issue of mortgage arrears. Requests for his attendance have been ongoing for in excess of 12 months. It is disrespectful to the House that he has not deemed fit to come here to address the issue.