Senator Sharon Keogan — Early Warning on Banking Crisis
I call for a debate with the Minister for Finance on what Ireland could be doing to prepare for the global financial shock waves arising out of the recent banking panic in the USA and Europe. Central banks are seeking to clamp down on rising inflation with a global increase in interest rates, the reversal of quantitative easing schemes and the large-scale selling of government bonds. The widespread bank runs in the wake of the Silicon Valley Bank collapse and the Credit Suisse rescue and the subsequent activation by the central banks of regular swap lines has signalled we may be facing a credit crunch, or at least a squeeze, in the coming months.
When it comes to sweeping economic matters, we know you can never be too ready and we know all too well the risks associated with being caught unawares. What impact will this have on Irish banks? What can Irish families expect in the near future about their ability to access credit or the security of their investments? What level of liquidity are Irish financial institutions at currently? Does the Department of Finance have an accurate, up-to-date figure of national deposits? Will the Minister consider coming into the House to address these questions, outline our current position, give an insight into the possible Government responses and to share his plan for the coming weeks and months as to how we can protect the fiscal health of our country?
I thank the Minister for Health, Deputy Stephen Donnelly, who yesterday finally granted the 35 children access to the Kaftrio drug. It is an awful shame the parents of this country must beg for medical care to keep their children alive.