Seymour Crawford (Cavan-Monaghan, Fine Gael)

Today is a dramatic and traumatic day for the Irish people and especially the taxpayers. Quinn Group, which is much admired in my constituency, has been put into administration by the regulator and at the same time Anglo Irish Bank has been given a handout of €8.3 billion with a promise that it will get a further €10 billion when necessary. The Anglo Irish Bank loans being transferred to NAMA will be discounted by at least 50% and the transfers from the Irish Nationwide Building Society loans will on average be discounted by 58%.

It is unforgivable that the Taoiseach and the Minister for Finance have asked the taxpayer to bail out these two institutions after their management caused havoc in this country through their irrational and unbelievable lending structures. While other banks were also careless it is clear that Anglo Irish Bank and the Irish Nationwide Building Society will cripple the Irish taxpayer for the next several decades.

Unfortunately, the Minister has put off a final decision on AIB and Bank of Ireland. This means there is no guarantee for businesses on when normal banking structures will once again be in place. Clearly these banks will use the time provided to them to strengthen their own structures rather than provide normal lending to viable projects.

I was disappointed that the Presbyterian Mutual Society was not even mentioned. This is an all-Ireland institution which was forced into administration when Governments North and South provided guarantees to other banks. The issue was discussed at the time of the Hillsborough Agreement and although the €100 million required for it, including a 2% involvement by the Irish Government, is chicken feed compared to Anglo Irish Bank or the other institutions, it would be enormously important to the investors concerned. I urge that recognition be given to the issue even at this late stage.

The fact that Quinn Group has been put into administration has caused shockwaves across the Cavan-Monaghan region and further afield. Seán Quinn created thousands of jobs in an area the Government and the IDA ignored. Without him, I do not know what would have happened to the region. Regulation is important but we must not over regulate. I hope for everybody's sake that Seán Quinn and his companies can weather this storm and that the job they have done for the Irish people will be recognised.

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