Mr. Dick Spring:

We need economic recovery. I was very relieved to see that we had growth in recent months, albeit 0.2%. At least it is going in the right direction. We need consumer confidence to be restored. I am probably as familiar with rural Ireland and the city as most Members of the Oireachtas and there is a definite constraint on people wanting to borrow at the moment compared with the rush for borrowings during the Celtic tiger years. Savings are at an all time high. People want to pay down debt. Even in respect of remarks about lending to SMEs, the chief executive of the bank, in his many meetings around the country with SMEs and business people, will always ask whether there are people in the room who want to borrow money and he will invite them to come and talk to the bank. We need to give credit. That is the function of the bank. If it is to be a viable bank we must issue credit, take in deposits and give out loans in a prudential manner, not like the chaos of the Celtic tiger when, as Dr. Somers said, there was no risk assessment. We did not have a risk committee. I do not think there was even a chief risk officer in the bank during that crisis. AIB came late to the crisis but by God it came fast and furious to catch up with the other banks which were making a 39% return on investment at that time.